Published on 4/20/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $5 million 6.5% contingent yield trigger autocalls tied to two indexes
By Susanna Moon
Chicago, April 20 – GS Finance Corp. priced $5 million of trigger autocallable contingent yield notes due April 18, 2028 linked to the lesser performing of the MSCI EAFE index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 6.5% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called 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 unless either index finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
UBS Financial Services Inc. and Goldman Sachs & Co. LLC are the agents.
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: | MSCI EAFE and Russell 2000
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Amount: | $5,003,930
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Maturity: | April 18, 2028
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Coupon: | 6.5% annualized, payable quarterly if each index closes at or above its 70% coupon barrier on observation date 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 per 1% decline of worse performing index
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Call: | At par if each index closes at or above its initial level on each quarterly observation date beginning April 15, 2019
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Initial levels: | 2,042.41 for EAFE and 1,549.509 for Russell
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Coupon barriers: | 1,429.687 for EAFE and 1,084.656 for Russell; 70% of initial levels
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Downside thresholds: | 1,021.205 for EAFE and 774.755 for Russell; 50% of initial levels
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Pricing date: | April 13
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Settlement date: | April 18
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Agents: | UBS Financial Services Inc. and Goldman Sachs & Co. LLC
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Fees: | 3.95%
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Cusip: | 36254G440
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