Published on 8/7/2020 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $2.58 million capped gears linked to index basket
By Sarah Lizee
Olympia, Wash., Aug. 7 – GS Finance Corp. priced $2.58 million of 0% capped trigger gears due July 31, 2023 linked to an equally-weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The basket contains the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei 225 index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the Hang Seng index with a 5% weight.
If the basket return is greater than zero, the payout at maturity will be par of $10 plus two times the basket return, capped at $12.785 per $10 note.
Investors will receive par if the basket declines by 25% or less and be fully exposed to the basket’s decline from its initial level if it declines by more than 25%.
Goldman Sachs & Co. is the underwriter. UBS Financial Services Inc. is the selling agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Capped trigger gears
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| Underlying basket: | Euro Stoxx 50 (40% weight), FTSE 100 (20% weight), Nikkei 225 (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight) and Hang Seng (5% weight)
|
| Amount: | $2,576,340
|
| Maturity: | July 31, 2023
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Par plus 2 times any basket gain, capped $12.785 per $10 note; par if basket declines by 25% or less; full exposure to basket’s decline from its initial level if it declines by more than 25%
|
| Initial levels: | 3,300.16 for Euro Stoxx, 6,131.46 for FTSE, 22,397.11 for Nikkei, 10,272.81 for Swiss Market, 6,006.385 for S&P/ASX and 24,883.14 for Hang Seng
|
| Pricing date: | July 29
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| Settlement date: | July 31
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| Underwriter: | Goldman Sachs & Co. with UBS Financial Services Inc. as selling agent
|
| Fees: | 2.75%
|
| Cusip: | 36259J753
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