Published on 12/13/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $4.13 million callable contingent coupon notes on indexes, ETF
By Marisa Wong
Morgantown, W.Va., Dec. 13 – GS Finance Corp. priced $4.13 million of callable contingent coupon notes due Dec. 11, 2019 linked to the S&P 500 index, Russell 2000 index and iShares MSCI EAFE exchange-traded fund, 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 8.75% if each underlying closes at or above its trigger level, 60% of its initial level, on the determination date for that quarter.
The notes are callable at par on any coupon payment date beginning in June 2017.
The payout at maturity will be par unless any underlying finishes below its trigger level, in which case investors will be fully exposed to the decline of the worst-performing asset.
Goldman Sachs & Co. is the underwriter.
| 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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| Underlyings: | Russell 2000 index, S&P 500 index, iShares MSCI EAFE ETF
|
| Amount: | $4,127,000
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| Maturity: | Dec. 11, 2019
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| Coupon: | 8.75%, payable quarterly if each underlying closes at or above coupon trigger level on quarterly determination date
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlying finishes below trigger level, in which case full exposure to decline of worst-performing asset
|
| Call option: | At par on any coupon payment date beginning in June 2017
|
| Initial levels: | 1,352.668 for Russell, 2,212.23 for S&P 500 and $57.66 for ETF
|
| Trigger levels: | 60% of initial levels
|
| Pricing date: | Dec. 6
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| Settlement date: | Dec. 9
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 2%
|
| Cusip: | 40054KQZ2
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