Published on 7/11/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $4.32 million of trigger notes linked to S&P 500 index
By Devika Patel
Knoxville, Tenn., July 11 – GS Finance Corp. priced $4.32 million of 0% trigger notes due Aug. 4, 2017 linked 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.
If the index level is greater than or equal to 60% of the initial index level on every day during the life of the notes, the payout at maturity will be par plus 3.4%. If the index falls below 60% of the initial index level during the life of the notes and the final index level is greater than the initial level, investors will receive par plus the return, subject to a maximum settlement amount of $1,034 per $1,000 of notes.
If the index falls below 60% of the initial index level during the life of the notes and the final index level is less than its initial level but greater than 60% of the initial index level, investors will receive par. Otherwise, investors will lose 1% for each 1% decline.
Goldman Sachs & Co. is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Trigger notes
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Underlying index: | S&P 500
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Amount: | $4.32 million
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Maturity: | Aug. 4, 2017
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Coupon: | 0%
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Price: | Par of $1,000
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Payout at maturity: | If index level is greater than or equal to 60% of the initial index level on every day during the life of the notes, par plus 3.4%; if the index falls below 60% of the initial index level during the life of the notes and the final index level is greater than the initial level, par plus the return, subject to a maximum settlement amount of $1,034 per $1,000 of notes; if the index falls below 60% of the initial index level during the life of the notes and the final index level is less than its initial level but greater than 60% of the initial index level, par; otherwise, 1% loss for each 1% decline
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Initial index level: | 2,099.73
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Final level: | Average of index closing levels on the five trading days ending Aug. 17, 2017
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Pricing date: | July 7
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Settlement date: | July 12
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Agent: | Goldman, Sachs & Co.
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Fees: | 0.2%
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Cusip: | 40054KG26
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