E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 7/10/2020 in the Prospect News Structured Products Daily.

New Issue: GS Finance prices $3.52 million of index-linked notes on S&P

By Sarah Lizee

Olympia, Wash., July 10 – GS Finance Corp. priced $3.52 million of 0% index-linked notes due Aug. 3, 2021 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

A trigger event occurs if the index declines by more than 15% on any trading day during the life of the notes.

If a trigger event does not occur and the final index level is equal or greater to its initial level, the payout will be par.

If the index has never fallen by more than 15% and the final index level is lower than its initial level, investors will receive par plus the absolute value of the index return.

If a trigger event has occurred, meaning the index has dropped more than 15% during the life of the notes, and the final level is equal to or greater than the 85% trigger level, investors will receive par plus 117.65% of the underlier return plus 15%. This means that if the index return is above 85% of its initial level, the investor return will be positive.

If the index has fallen below 85% of its initial level at any point during the life of the notes and finishes below 85% of its initial level, the payout will similarly be par plus 117.65% of the index return plus 15%. However, in this instance investors will lose part of their investment.

Goldman Sachs & Co. LLC is the underwriter.

Issuer:GS Finance Corp.
Guarantor:Goldman Sachs Group, Inc.
Issue:Index-linked notes
Underlying index:S&P 500
Amount:$3,523,000
Maturity:Aug. 3, 2021
Coupon:0%
Price:Par
Payout at maturity:Index never falls below 85% of initial level – finishes flat or positive, payout of par, finishes between 85% of initial level but negative par plus absolute value of return; index closes below 85% of initial level during the life of the notes – par plus 117.65% of the underlier return plus 15%
Initial level:3,100.29
Trigger buffer:85% of initial level on every trading day during the life of the notes
Pricing date:June 30
Settlement date:July 7
Underwriter:Goldman Sachs & Co. LLC
Fees:0.92%
Cusip:40057CBQ3

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.