Published on 5/16/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $4.22 million trigger callable contingent yield notes linked to three indexes
By Angela McDaniels
Tacoma, Wash., May 16 – GS Finance Corp. priced $4.22 million of trigger callable contingent yield notes due May 19, 2022 linked to the least performing of the Euro Stoxx 50 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 the rate of 11.07% per year if each index’s closing level remains at or above its downside threshold, 70% of its initial level, on each day during that quarter.
The notes are redeemable at par of $10 on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 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 underwriter. UBS Financial Services Inc. is acting as selling agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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Amount: | $4,215,000
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Maturity: | May 19, 2022
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Coupon: | 11.07% per year, payable quarterly if each index closes at or above its downside threshold on each day during that quarter
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Price: | Par of $10
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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
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Call option: | At par on any quarterly observation date other than final one
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Initial levels: | 2,834.41 for S&P 500, 1,543.058 for Russell 2000 and 3,364.38 for Euro Stoxx 50
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Downside thresholds: | 1,984.087 for S&P 500, 1,080.141 for Russell 2000 and 2,355.066 for Euro Stoxx 50, or 70% of initial level
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Trade date: | May 14
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Settlement date: | May 17
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Underwriter: | Goldman Sachs & Co. LLC
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Selling agent: | UBS Financial Services Inc.
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Fees: | 1.5%
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Cusip: | 36257D725
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