Published on 8/1/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $5.32 million step-down trigger autocallables on Russell, Stoxx
By Sarah Lizee
Olympia, Wash., Aug. 1 – GS Finance Corp. priced $5.32 million of 0% step-down trigger autocallable notes due Aug. 1, 2023 linked to the lesser performing of the Russell 2000 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 11.2% 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, 70% of its initial level, investors will receive par plus a premium of 56%. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
Goldman Sachs & Co. and UBS Financial Services Inc. are the agents.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Step-down trigger autocallable notes
|
| Underlying indexes: | Russell 2000, Euro Stoxx 50
|
| Amount: | $5,315,000
|
| Maturity: | Aug. 1, 2023
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If final level of the worse performing index is greater than or equal to its 70% downside threshold, par plus a premium of 56%; 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 11.2% per year if each index closes at or above its initial level on any annual observation date
|
| Initial levels: | 1,695.360 for Russell and 3,509.26 for Stoxx
|
| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agents: | Goldman Sachs & Co. and UBS Financial Services Inc.
|
| Fees: | 0.35%
|
| Cusip: | 36255U497
|
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