Published on 8/3/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $543,000 5.5% contingent coupon autocalls on Russell, S&P
By Susanna Moon
Chicago, Aug. 3 – GS Finance Corp. priced $543,000 of autocallable contingent coupon notes due Aug. 3, 2020 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 quarterly coupon at an annual rate of 5.5% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level 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: | Autocallable contingent coupon notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $543,000
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Maturity: | Aug. 3, 2020
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Coupon: | 5.5% 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: | At par if each index closes at or above its initial level on any quarterly call review date from January 2019 through April 2020
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Initial levels: | 1,663.34 for Russell, 2,818.82 for S&P
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Coupon barriers: | 1,164.338 for Russell, 1,973.174 for S&P, 70% of initial levels
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Trigger levels: | 50% 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: | 2.275%
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Cusip: | 40055QJZ6
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