Published on 4/2/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $2.9 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, April 2 – GS Finance Corp. priced $2.9 million of trigger callable contingent yield notes due March 30, 2029 linked to the least performing of the MSCI Emerging Markets index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 10.65% if each index’s closing level is at or above its coupon barrier, 70% of its initial level, on the observation date that quarter.
The notes are callable at par of $10 on each quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 50% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
Goldman Sachs & Co. LLC is the agent with UBS Financial Services Inc. acting as distributor.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger callable contingent yield notes
|
| Underlying indexes: | S&P 500, MSCI Emerging Markets and Russell 2000
|
| Amount: | $2,895,000
|
| Maturity: | March 30, 2029
|
| Coupon: | 10.65%; payable quarterly if each index closes above coupon barrier on observation date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
|
| Call option: | At par on each quarterly observation date other than final one
|
| Initial levels: | 1,044.10 for Emerging Markets, 2,805.37 for S&P, 1,522.231 for Russell
|
| Coupon barriers: | 730.87 for Emerging Markets, 1,963.759 for S&P, 1,065.562 for Russell; 70% of initial levels
|
| Downside thresholds: | 522.05 for Emerging Markets, 1,402.685 for S&P, 761.116 for Russell; 50% of initial levels
|
| Pricing date: | March 27
|
| Settlement date: | March 29
|
| Agent: | Goldman Sachs & Co. LLC
|
| Distributor: | UBS Financial Services Inc.
|
| Fees: | 1.45%
|
| Cusip: | 36257D428
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
