Published on 4/17/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $2.13 million contingent coupon autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, April 17 – GS Finance Corp. priced $2.13 million of autocallable contingent coupon notes due April 18, 2025 linked to the lowest performing of the S&P 500 index and the Dow Jones Industrial Average, 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 monthly coupon at an annualized rate of 5% if each index closes at or above its barrier level, 75% of its initial level, on a monthly observation date.
The notes will be called automatically if each index closes at or above its initial level on any quarterly call observation date beginning in April 2018.
The payout at maturity will be par unless either index finishes below 60% of its initial level, in which case investors will be fully exposed to any losses of the lesser-performing index.
Goldman, Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | S&P 500, Dow Jones Industrial Average
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| Amount: | $2,132,000
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| Maturity: | April 18, 2025
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| Coupon: | 5% per year, payable monthly if each index closes at or above its barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless either index finishes below 60% of its initial level, in which case full exposure to any losses of the lesser-performing index
|
| Call: | Automatically if each index closes at or above its initial level on any quarterly call observation date beginning in April 2018
|
| Initial levels: | 1,385.92 for Dow, 2,353.78 for S&P
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| Barrier levels: | 15,488.475 for Dow, 1,765.335 for S&P; 75% of initial levels
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| Pricing date: | April 11
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| Settlement date: | April 18
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| Agent: | Goldman, Sachs & Co.
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| Fees: | 3.9%
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| Cusip: | 40054L3P7
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