Published on 5/1/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $5.29 million step-down trigger autocalls on EM index, S&P
By Sarah Lizee
Olympia, Wash., May 1 – GS Finance Corp. priced $5.29 million of 0% step-down trigger autocallable notes due May 1, 2024 linked to the lesser performing of the MSCI Emerging Markets 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.
Starting May 1, 2020, the notes will be automatically called at par of $10 plus a call premium of 8.5% per year if each index closes at or above its initial level on any quarterly 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 42.5%. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
Goldman Sachs & Co. LLC 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: | MSCI Emerging Markets index and S&P 500 index
|
| Amount: | $5,288,140
|
| Maturity: | May 1, 2024
|
| 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 42.5%; otherwise, 1% loss for each 1% decline of the lesser-performing index from its initial level
|
| Call: | Starting May 1, 2020, the notes will be automatically called at par of $10 plus a call premium of 8.5% per year if each index closes at or above its initial level on any quarterly observation date
|
| Initial levels: | 939.55 for EM, 6,852.404 for S&P
|
| Downside thresholds: | 1,078.06 for EM, 2,939.88 for S&P; 70% of initial levels
|
| Pricing date: | April 26
|
| Settlement date: | April 30
|
| Agents: | Goldman Sachs & Co. LLC and UBS Financial Services Inc.
|
| Fees: | 2.85%
|
| Cusip: | 36257D550
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