Published on 1/17/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $34.12 million trigger autocallables on Russell, Stoxx
By Marisa Wong
Morgantown, W.Va., Jan. 17 – GS Finance Corp. priced $34.12 million of 0% trigger autocallable contingent yield notes due Jan. 18, 2028 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7.1% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below the downside threshold level, 50% of its initial level, in which case investors will lose 1% for every 1% loss of the worse-performing index from its initial level.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $34,120,140
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| Maturity: | Jan. 18, 2028
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| Coupon: | 7.1%, payable each quarter that each index closes at or above coupon barrier on observation date
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| Price: | Par of $10
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| Call: | After one year, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
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| Payout at maturity: | Par unless either index finishes below downside threshold, in which case 1% loss for each 1% decline of the worse performing index
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| Initial levels: | 3,612.61 for Euro Stoxx, 1,591.972 for Russell
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| Coupon barriers: | 2,528.827 for Euro Stoxx, 1,114.380 for Russell; 70% of initial levels
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| Downside thresholds: | 1,806.305 for Euro Stoxx, 795.986 for Russell; 50% of initial levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agents: | Goldman Sachs & Co.
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| Fees: | 3.95%
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| Cusip: | 36254F665
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