Published on 8/13/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $10 million contingent coupon autocallables linked to three indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 13 – GS Finance Corp. priced $10 million of autocallable contingent coupon notes due Aug. 13, 2029 linked to the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 7.2504% if each index closes at or above its coupon trigger level, 70% of its initial level, on the observation date for that month and, in the case of the first 12 months, below 105% of its initial level.
Beginning in August 2020, the notes will be automatically called at par if each index closes at or above its initial level on any coupon determination date.
The payout at maturity will be par plus any coupon due, unless any index finishes below its trigger level, 80% of its initial level, in which case investors will be exposed to the decline of the least-performing index but will still receive a coupon if no index finishes below 75% of initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable contingent coupon notes
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Underlying indexes: | Russell 2000, S&P 500 and Dow Jones industrial average
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Amount: | $10 million
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Maturity: | Aug. 13, 2029
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Coupon: | 7.2504%, payable monthly if each index closes at or above coupon trigger level, 75% of initial level, on observation date for that month, and in the case of the first 12 months, below 105% of initial level
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any index finishes below trigger level, 80% of initial level, in which case exposure to decline of least-performing index, but will still pay coupon if conditions are met
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Call: | Beginning in August 2020, automatically at par if each index closes at or above initial level on any coupon determination date
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Initial levels: | 2,938.09 for S&P 500, 1,532.132 for Russell 2000 and 26,378.19 for Dow Jones industrial average
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Pricing date: | Aug. 8
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Settlement date: | Aug. 13
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Underwriter: | Goldman Sachs & Co. LLC
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Fees: | 0.95%
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Cusip: | 40056FZA6
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