Published on 11/16/2016 in the Prospect News Structured Products Daily.
New Issue: GS sells $7.07 million trigger autocallable contingent yield notes on S&P, Stoxx
By Marisa Wong
Morgantown, W.Va., Nov. 16 – GS Finance Corp. priced $7.07 million of trigger autocallable contingent yield notes due Nov. 17, 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.
The notes will pay a contingent quarterly coupon at an annual rate of 7.9% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning in November 2017.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below the downside threshold, 50% of the initial level, in which case investors will lose 1% for each 1% decline of the worse performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | S&P 500 and Euro Stoxx 50
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Amount: | $7,074,800
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| Maturity: | Nov. 17, 2026
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| Coupon: | 7.9%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | Beginning in November 2017, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
|
| Payout at maturity: | Par plus final coupon, if any, unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of the worse performing index
|
| Initial levels: | 2,164.45 for S&P and 3,030.02 for Stoxx
|
| Coupon barriers: | 1,515.12 for S&P and 2,121.01 for Stoxx; 70% of initial levels
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| Downside thresholds: | 1,082.23 for S&P and 1,515.01 for Stoxx, 50% of initial levels
|
| Pricing date: | Nov. 11
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| Settlement date: | Nov. 16
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| Underwriter: | Goldman, Sachs & Co.
|
| Fees: | 3.95%
|
| Cusip: | 36251U228
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