Published on 11/13/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.6 million contingent coupon autocallables on Apple, Citi, Merck
By Wendy Van Sickle
Columbus, Ohio, Nov. 13 – GS Finance Corp. priced $1.6 million of autocallable contingent coupon notes due Nov. 10, 2021 linked to the common stocks of Apple Inc., Citigroup Inc. and Merck & Co., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each month, the notes pay a contingent coupon at an annual rate of 9% if each stock closes at or above its trigger level, 60% of its initial level, on the observation day that month.
The notes will be called at par on any coupon payment date after six months if each stock closes above its initial level.
The payout at maturity will be unless any stock finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least-performing stock.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Apple Inc., Citigroup Inc. and Merck & Co., Inc.
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| Amount: | $1,595,000
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| Maturity: | Nov. 10, 2021
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| Coupon: | 9%, payable monthly if each stock closes at or above trigger level on observation day that period
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below 60% of initial level, in which case full exposure to loss of least performing stock
|
| Call: | At par on any coupon payment date after six months if each stock closes above initial level
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| Initial levels: | $172.50 for Apple and $56.06 for Merck, $74.05 for Citigroup Inc.
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| Trigger levels: | $103.50 for Apple and $33.636 for Merck, $44.34 for Citigroup Inc., 60% of initial levels
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| Pricing date: | Nov. 3
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| Settlement date: | Nov. 10
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 2.55%
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| Cusip: | 40054LYJ7
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