Published on 11/9/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $125,000 7%-10% contingent coupon autocalls tied to Stoxx, Russell
By Susanna Moon
Chicago, Nov. 9 – GS Finance Corp. priced $125,000 of autocallable contingent coupon notes due Nov. 13, 2023 linked to the least 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 annualized rate if each index closes at or above its 70% coupon barrier on the observation date for that quarter. The contingent coupon will be 7% annualized for first 12 payment dates, 8% for the next four dates and 10% for the next four dates.
The notes will be called at par if each index closes at or above its initial level on any review date after one year.
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: | Euro Stoxx 50, Russell 2000
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Amount: | $125,000
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Maturity: | Nov. 13, 2023
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Coupon: | 7% annualized for first 12 payment dates, 8% for the next four dates and 10% for the next four dates, 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 October 2019 through July 2023
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Initial levels: | 3,154.93 for Stoxx, 1,477.306 for Russell
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Trigger levels: | 2,208.451 for Stoxx, 1,034.1142 for Russell, 70% of initial levels
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Pricing date: | Oct. 29
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Settlement date: | Oct. 31
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 3.6%
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Cusip: | 40056E4T2
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