Published on 7/9/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $857,000 5.5% contingent coupon callables tied to S&P 500, Russell
By Susanna Moon
Chicago, July 9 – GS Finance Corp. priced $857,000 of callable contingent coupon notes due July 3, 2023 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 5.5% if each index closes at or above its 50% coupon barrier on the observation date for that month.
The notes are callable on any review date after one year.
The payout at maturity will be par unless either index falls by more than 50%, in which case investors will be fully exposed to any losses of the worse performing index.
The guarantor is Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
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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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $857,000
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Maturity: | July 3, 2023
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Coupon: | 5.5% annualized, payable monthly if each index closes at or above 50% coupon barrier on review date for that month
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Price: | Par
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Payout at maturity: | If each index falls by up to 50%, par; otherwise, 1% loss for each 1% decline of worse performing index
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Call option: | At par on any quarterly call review date from July 2019 through June 2023
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Initial levels: | 2,716.31 for S&P, 1,645.017 for Russell
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Trigger levels: | 50% of initial levels
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Pricing date: | June 28
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Settlement date: | July 3
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 1.775%
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Cusip: | 40055QGS5
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