Published on 7/21/2017 in the Prospect News Structured Products Daily.
New Issue: GS prices $6.77 million of trigger autocallable contingent yield notes on S&P, Stoxx
New York, July 21 – GS Finance Corp. priced $6.77 million of trigger autocallable contingent yield notes due July 19, 2027 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 6.45% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
Starting July 16, 2018, the notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
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 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 autocallable contingent yield notes
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| Underlying indexes: | S&P 500 and Euro Stoxx 50
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| Amount: | $6,771,200
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| Maturity: | July 19, 2027
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| Coupon: | 6.45%, payable quarterly if each index closes at or above coupon barrier on observation date
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| Price: | Par of $10
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| Call: | Beginning July 16, 2018, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
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| Payout at maturity: | Par plus final coupon, if any, unless index closes below downside threshold level, in which case 1% loss for each 1% decline of the worse performing index from initial level
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| Initial levels: | 2,459.27 for S&P, 3,525.94 for Stoxx
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| Coupon barriers: | 1,721.49 for S&P, 2,468.16 for Stoxx, 70% of initial levels
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| Downside thresholds: | 1,229.64 for S&P, 1,762.97 for Stoxx, 50% of initial levels
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| Pricing date: | July 14
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| Settlement date: | July 19
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| Underwriter: | Goldman, Sachs & Co.
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| Fees: | 3.95%
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| Cusip: | 36253M349
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