Published on 10/8/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $945,000 callable contingent coupon notes on Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, Oct. 8 – GS Finance Corp. priced $945,000 of callable contingent coupon notes due Sept. 28, 2028 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes pay a contingent quarterly coupon at an initial annual rate of 8% if each index closes at or above 75% of its initial level on the observation date. The annual rate steps up to 14% after five years.
The notes are callable at par on any coupon payment date beginning in September 2019.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below 50% of its initial level, in which case investors will be fully exposed to the decline of the least performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Russell 2000 index, Euro Stoxx 50 index
|
| Amount: | $945,000
|
| Maturity: | Sept. 28, 2028
|
| Coupon: | 8% initially, payable each quarter that each index closes at or above 75% of its initial level on determination date; rate steps up to 14% after five years
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, if any, unless either index finishes below 50% of its initial level, in which case investors will be fully exposed to the decline of the lesser performing index
|
| Call option: | At par on any coupon payment date beginning in September 2019
|
| Initial levels: | 1,691.608 for Russell, 3,433.15 for Stoxx
|
| Pricing date: | Sept. 26
|
| Settlement date: | Sept. 28
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.67%
|
| Cusip: | 40055QY71
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
