By Wendy Van Sickle
Columbus, Ohio, May 31 – GS Finance Corp. priced $4.54 million of contingent income autocallable securities due May 28, 2021 linked to the common stock of Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if the stock closes at or above its 80% downside threshold on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial price on any of the first 11 determination dates.
The payout at maturity will be par unless the stock finishes below its 80% downside threshold, in which case investors will be fully exposed to any losses.
Goldman Sachs & Co. LLC is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Morgan Stanley
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Issue: | Contingent income autocallable securities
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Underlying stock: | Chevron Corp.
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Amount: | $4,536,920
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Maturity: | May 28, 2021
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Coupon: | 8% annualized, payable quarterly if stock closes at or above downside threshold on determination date for that quarter
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Price: | Par
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Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, full exposure to losses
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Call: | At par if stock closes at or above initial price on any of the first 11 determination dates
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Initial share price: | $122.19
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Downside threshold: | $97.752, 80% of initial level
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Pricing date: | May 25
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Settlement date: | May 31
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 2.675%
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Cusip: | 36254G671
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