Published on 7/12/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2.77 million notes linked to S&P 500, two ETFs
New York, July 12 – GS Finance Corp. priced $2.77 million of callable contingent-coupon underlier-linked notes due Jan. 14, 2021 linked to the S&P 500 index, the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund and the iShares MSCI EAFE exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If all the underliers close at or above 75% of their initial level on every trading day during a quarterly observation period then the notes will pay a contingent coupon at an annualized rate of 12.55% for that quarter.
The notes are callable at par starting in January 2018.
At maturity, investors will receive par unless any underlier falls by more than 50% in which case investors will be exposed to the loss of the worst performing underlier.
Goldman, Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Underlier-linked notes
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Underlying assets: | S&P 500 index, SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, iShares MSCI EAFE exchange-traded fund
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Amount: | $2,768,000
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Maturity: | Jan. 14, 2021
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Coupon: | 12.55%, payable quarterly if all underliers close at or above 75% of their initial level on every trading day during the quarter
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Price: | Par
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Payout at maturity: | Par unless any underlier falls by more than 50% in which case exposure to loss of worst performing underlier from initial level
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Initial levels: | 2,427.43 for S&P 500, $31.13 for SPDR oil & gas, $65.00 for iShares EAFE
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Coupon barriers: | 1,820.573 for S&P 500, $23.348 for SPDR oil & gas, $48.75 for iShares EAFE; 75% of initial levels
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Downside thresholds: | 1,213.715 for S&P 500, $15.565 for SPDR oil & gas, $32.5 for iShares EAFE; 50% of initial levels
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Pricing date: | July 10
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Settlement date: | July 13
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Underwriter: | Goldman Sachs & Co.
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Fees: | 2.5%
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Cusip: | 40054LKA1
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