Published on 2/15/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $9.57 million callable contingent coupon notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – GS Finance Corp. priced $9.57 million of callable contingent coupon notes due Feb. 13, 2025 linked to 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.
Each month, the notes pay a contingent coupon at an annual rate of 7.7% if each index closes at or above 70% of its initial level on the related observation date.
The notes are callable at par on any coupon payment date.
The payout at maturity will be par plus the final coupon, if any, unless either index declines by more than 40%, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
Goldman Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000 and S&P 500
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Amount: | $9,565,000
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Maturity: | Feb. 13, 2025
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Coupon: | 7.7%, payable each month that each index closes at or above 70% of initial level on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon, if any, unless either index declines by more than 40%, in which case 1% loss for every 1% that lesser-performing index declines from initial level
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Call option: | At par on any coupon payment date
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Initial levels: | 1,477.836 for Russell 2000 and 2,619.55 for S&P 500
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Pricing date: | Feb. 9
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Settlement date: | Feb. 14
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Underwriter: | Goldman Sachs & Co.
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Fees: | 0.475%
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Cusip: | 40055AKF3
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