Published on 4/1/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $8.59 million trigger phoenix callable optimization notes on indexes
By Devika Patel
Knoxville, Tenn., April 1 – GS Finance Corp. priced $8.59 million of trigger phoenix callable optimization securities due March 31, 2020 linked to the S&P 500 index, the Russell 2000 index and the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.7% if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be callable at par of $10 plus the coupon on any interest payment date.
The payout at maturity will be par plus the final contingent coupon unless either index finishes below its barrier level, in which case investors will be fully exposed to the decline of the least-performing index.
Goldman Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
|
Issue: | Trigger phoenix autocallable optimization securities
|
Underlying indexes: | S&P 500, Russell 2000, MSCI EAFE
|
Amount: | $8,585,000
|
Maturity: | March 31, 2020
|
Coupon: | 9.7% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
Price: | Par of $10
|
Payout at maturity: | Par plus contingent coupon unless any index finishes below 60% coupon barrier level; in which case full exposure to decline of worst performing index
|
Call: | At par on any interest payment date
|
Initial index levels: | 2,055.01 for S&P 500, 1,109.082 for Russell 2000, 1,629.63 for MSCI EAFE
|
Barrier levels: | 1,233.006 for S&P 500, 665.449 for Russell 2000, 977.778 for MSCI EAFE, 60% of initial levels
|
Pricing date: | March 29
|
Settlement date: | March 31
|
Underwriter: | Goldman Sachs & Co.
|
Fees: | 2.05%
|
Cusip: | 36250E654
|
© 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.