Published on 7/14/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $4.5 million callable contingent coupon notes on indexes
By Kiku Steinfeld
Chicago, July 15 – GS Finance Corp. priced $4.5 million of callable contingent coupon notes due July 3, 2029 linked to the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon of 10% per annum if each index closes at or above its 70% coupon trigger level on the determination date for that quarter.
The notes may be redeemed at par plus any coupon, in whole but not in part, beginning October 2019 through April 2029, at the option of the issuer.
The payout at maturity will be par unless any underlier finishes below 50% of its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
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| Amount: | $4,500,000
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| Maturity: | July 3, 2029
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| Contingent coupon: | 10% annualized, payable quarterly if each index closes at or above 70% coupon trigger level on the determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlier finishes below 50% of its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level
|
| Call: | At par plus any coupon, in whole but not in part, beginning October 2019 through April 2029, at the option of the issuer
|
| Initial index levels: | 2,941.76 for S&P, 3,473.69 for Stoxx and 1,566.572 for Russell
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| Coupon trigger levels: | 70% of initial levels
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| Trigger buffer levels: | 50% of initial levels
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| Pricing date: | June 28
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| Settlement date: | July 3
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| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 1.55%
|
| Cusip: | 40056FTD7
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