GS Finance to price callable contingent coupon notes on SPDR funds

By Sarah Lizee

Olympia, Wash., Feb. 8 – GS Finance Corp. plans to price callable contingent coupon notes due Feb. 22, 2022 linked to the SPDR S&P Biotech ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Goldman Sachs Group, Inc.

The notes will pay a contingent semiannual coupon if both funds close at or above 75% of their respective initial levels on the coupon observation date for that period. The interest rate will be the product of $73.75 times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus the sum of all coupons previously paid, if any.

Beginning in August 2019 and ending in August 2021, the notes are callable at par plus any contingent coupon on any coupon payment date.

The payout at maturity will be par if each fund closes above its 70% trigger buffer level. Otherwise, investors will receive a return equal to the decline of the lesser performing underlier.

Goldman Sachs & Co. is the agent.

The notes (Cusip: 40056EXE3) will price on Feb. 15.

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