Published on 8/3/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $225,000 7.25% contingent coupon callables tied to Stoxx, Russell
By Susanna Moon
Chicago, Aug. 3 – GS Finance Corp. priced $225,000 of callable contingent coupon notes due July 31, 2021 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.25% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes are callable at par on any review date after six months.
The payout at maturity will be par unless either index closes below its 70% trigger level, 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: | Euro Stoxx 50, Russell 2000
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Amount: | $225,000
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Maturity: | July 31, 2021
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Coupon: | 7.25% annualized, payable quarterly if each index closes at or above 70% coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above 70% trigger level, 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 January 2019 through April 2021
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Initial levels: | 1,663.34 for Russell and 3,527.18 for Stoxx
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Trigger levels: | 70% of initial levels
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Pricing date: | July 27
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Settlement date: | July 31
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 3.1%
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Cusip: | 40055QL83
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