Published on 7/19/2016 in the Prospect News Structured Products Daily.
New Issue: GS prices $5.39 million trigger autocallable contingent yield notes linked to Euro Stoxx, S&P
By Angela McDaniels
Tacoma, Wash., July 19 – GS Finance Corp. priced $5.39 million of trigger autocallable contingent yield notes due July 21, 2026 linked to the S&P 500 index and the Euro Stoxx 50 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 pay a contingent coupon at an annual rate of 7.5% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
Beginning July 17, 2017, the notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either index finishes below its downside threshold level, 50% of its initial level, in which case investors will be fully exposed to the decline of the lesser-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | S&P 500 and Euro Stoxx 50
|
| Amount: | $5,394,500
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| Maturity: | July 21, 2026
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| Coupon: | 7.5%, payable quarterly if indexes close at or above coupon barriers on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless either index finishes below downside threshold level, in which case full exposure to decline of lesser-performing index
|
| Call: | Beginning July 17, 2017, automatically at par if indexes close at or above initial levels on any quarterly observation date
|
| Initial index levels: | 2,161.74 for S&P 500 and for 2,958.65 Euro Stoxx 50
|
| Coupon barriers: | 1,513.218 for S&P 500 and 2,071.055 for Euro Stoxx 50; 70% of initial levels
|
| Downside thresholds: | 1,080.87 for S&P 500 and 1,479.325 for Euro Stoxx 50; 50% of initial levels
|
| Pricing date: | July 15
|
| Settlement date: | July 20
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 3.95%
|
| Cusip: | 36250Y379
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