Published on 12/18/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $510,000 callable contingent coupon notes on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, Dec. 18 – GS Finance Corp. priced $510,000 of callable contingent coupon index-linked notes due Dec. 14, 2028 linked to the least performing of the Dow Jones industrial average, the S&P 500 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 at an annualized rate of 6.25% if each index closes at or above its 60% coupon trigger level on the determination date for that period.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any coupon payment date beginning in December 2020 and ending in September 2028.
If each index finishes above 60% of its initial level, the payout will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
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: | Callable contingent coupon index-linked notes
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| Underlying indexes: | S&P 500, Russell 2000, Dow Jones industrial average
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| Amount: | $510,000
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| Maturity: | Dec. 14, 2028
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| Contingent coupon: | 6.25% per year, payable quarterly if each index closes at or above coupon trigger level on quarterly determination date
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| Price: | Par
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| Payout at maturity: | If each index finishes above 60% of its initial level, par plus coupon; otherwise, full exposure to decline of the least performing index
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| Call: | At par plus any contingent coupon at issuer’s option on any coupon payment date beginning in December 2020 and ending in September 2028
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| Initial index levels: | 27,911.3 for Dow, 1,631.926 for Russell and 3,141.63 for S&P
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| Coupon trigger/buffer levels: | 60% of initial levels
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| Pricing date: | Dec. 13
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| Settlement date: | Dec. 16
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.65%
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| Cusip: | 40056XVU7
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