Published on 8/19/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $5.25 million trigger callable contingent yield notes indexes
By Sarah Lizee
Olympia, Wash., Aug. 19 – GS Finance Corp. priced $5.25 million of trigger callable contingent yield notes due Feb. 17, 2023 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9.15% per year if each index closes at or above its coupon barrier, 65% of its initial level, on every day during the observation period for that quarter.
The notes are redeemable at par of $10 on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as selling agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Trigger callable contingent yield notes
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Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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Amount: | $5,245,000
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Maturity: | Feb. 17, 2023
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Coupon: | 9.15% per year, payable quarterly if each index closes at or above its coupon barrier on every day during the observation period for that quarter
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
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Call option: | At par on any quarterly observation date other than final one
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Initial levels: | 2,840.60 for S&P, 1,467.522 for Russell and 3,288.70 for Stoxx
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Coupon barriers: | 1,846.39 for S&P, 953.889 for Russell and 2,137.655 for Stoxx; 65% of initial levels
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Downside thresholds: | 1,704.360 for S&P, 880.513 for Russell and 1,973.220 for Stoxx; 60% of initial levels
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Trade date: | Aug. 14
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Settlement date: | Aug. 19
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Underwriter: | Goldman Sachs & Co. LLC
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Selling agent: | UBS Financial Services Inc.
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Fees: | 1.25%
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Cusip: | 36257W715
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