Published on 7/8/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $5 million callable contingent coupon notes on Russell, S&P 500
By Marisa Wong
Morgantown, W.Va., July 8 – GS Finance Corp. priced $5 million of callable contingent coupon notes due July 7, 2017 linked to the worse performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 5.35% if each index closes at or above 65% of its initial level on the determination date for that quarter.
Beginning in January, the notes are callable at par plus the contingent coupon, if any, on any quarterly payment date.
The payout at maturity will be par plus the final contingent coupon, unless either index finishes below its 65% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $5 million
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| Maturity: | July 7, 2017
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| Coupon: | 5.35%, payable each quarter that each index closes at or above 65% barrier on determination date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus final coupon, unless either index finishes below trigger level, in which case full exposure to decline of worse-performing index
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| Call: | Beginning in January, at par plus accrued interest, if any, on any quarterly coupon payment date
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| Initial levels: | 1,151.923 for Russell 2000 and 2,098.86 for S&P 500
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| Coupon/trigger levels: | 65% of initial levels
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 1.1%
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| Cusip: | 40054KEV4
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