Published on 8/20/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $983,000 autocallable contingent coupon equity notes on four stocks
By Kiku Steinfeld
Chicago, Aug. 20 – GS Finance Corp. priced $983,000 of autocallable contingent coupon equity-linked notes due July 26, 2024 linked to the common stock of Apple Inc., Boeing Co., Walt Disney Co. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If each stock closes at or above the barrier level, 60% of the initial price, on the determination date for that quarter, the notes will pay a contingent quarterly coupon at an annual rate of 11%.
The notes will be called at par plus the contingent coupon if the stock closes at or above 90% of its initial stock price on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon unless the stock finishes below 60% of its initial stock price, in which case investors will lose 1% for each 1% decline of the lesser performing stock.
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: | Autocallable contingent coupon equity-linked notes
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Underlying stocks: | Apple Inc., Boeing Co., Walt Disney Co., Visa Inc.
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Amount: | $983,000
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Maturity: | July 26, 2024
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Coupon: | 11% per year, payable quarterly if stock closes at or above barrier level on the quarterly determination dater
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Price: | Par
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Payout at maturity: | Par plus the quarterly contingent coupon unless any stock finishes below 60% of its initial level, in which case investors will lose 1% for each 1% decline of lesser performing stock
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Call: | Automatically at par plus contingent coupon if stock closes at or above 90% of initial stock price on any quarterly call observation date after six months
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Initial stock prices: | $202.59 for Apple, $377.36 for Boeing, $139.85 for Walt Disney, $179.24 for Visa
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Coupon barrier levels: | $121.554 for Apple, $226.416 for Boeing, $83.91 for Walt Disney, $107.544 for Visa, 60% of initial stock prices
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Pricing date: | July 19
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Settlement date: | July 24
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 4.1%
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Cusip: | 40056FUZ6
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