Published on 4/11/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $4.62 million step-down trigger autocallables on S&P, Euro Stoxx
By Marisa Wong
Morgantown, W.Va., April 11 – GS Finance Corp. priced $4.62 million of 0% step-down trigger autocallable notes due March 31, 2022 linked to the lesser performing of 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 be automatically called at par of $10 plus a call premium of 7.85% per year if each index closes at or above its initial level on any annual observation date.
If the notes are not called and the final level of the worse performing index is greater than or equal to its downside threshold, 65% of its initial level, investors will receive par plus a premium of 39.25%. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger step securities
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| Underlying indexes: | S&P 500, Euro Stoxx 50
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| Amount: | $4,619,400
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| Maturity: | March 31, 2022
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If final level of the worse performing index is greater than or equal to its downside threshold, 65% of its initial level, par plus a premium of 39.25%; otherwise, 1% loss for each 1% decline of the lesser-performing index from its initial level
|
| Call: | Automatically at par plus a call premium of 7.85% per year if each index closes at or above its initial level on any annual observation date
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| Initial levels: | 2,361.13 for S&P, 3,475.27 for Stoxx
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Agent: | Goldman Sachs & Co.
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| Fees: | 2.85%
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| Cusip: | 36251V465
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