Published on 2/6/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $9.29 million trigger callable contingent yield notes on indexes
By Sarah Lizee
Olympia, Wash., Feb. 6 – GS Finance Corp. priced $9.29 million of trigger callable contingent yield notes due Nov. 2, 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 a rate of 8.8% per year if each index closes at or above its coupon barrier, 70% of its initial level, on every day during that quarter.
The notes are callable at par of $10 plus any coupon due on any quarterly coupon payment date.
If the notes are not called and each index finishes at or above its downside threshold, 70% 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, and UBS Financial Services Inc. is the 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: | $9,285,000
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Maturity: | Nov. 2, 2023
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Coupon: | 8.8% per year, payable quarterly if each index closes at or above its coupon barrier on every day during 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 plus any coupon due on any quarterly coupon payment date
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Initial levels: | 3,273.40 for S&P 500, 1,649.221 for Russell 2000 and 3,736.36 for Euro Stoxx 50
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Coupon barriers: | 2,291.38 for S&P 500, 1,154.455 for Russell 2000 and 2,615.452 for Euro Stoxx 50, or 70% of initial levels
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Downside thresholds: | 2,291.38 for S&P 500, 1,154.455 for Russell 2000 and 2,615.452 for Euro Stoxx 50, or 70% of initial levels
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Pricing date: | Jan. 29
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Settlement date: | Jan. 31
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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: | 36259H336
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