Goldman prices $15.75 million step-ups; GS Finance sells $10.42 million contingent yield notes

By Sheri Kasprzak

New York, June 15 – New issue activity in structured products picked up somewhat Wednesday, highlighted by a sizable offering priced through Goldman Sachs Group, Inc.

Goldman priced $15.75 million of callable step-up fixed-rate notes. Those notes are due June 16, 2021.

The coupon is 2% from June 16, 3% from June 16, 2019, 3.5% from June 16, 2020 and 4.5% from Dec. 16, 2020.

The payout at maturity is par and the notes are callable at par each March 16, June 16, Sept. 16 and Dec. 16, starting June 1, 2017.

Underwriters for the notes were Goldman, Sachs & Co. and Incapital LLC.

GS Finance’s notes on indexes

Elsewhere, GS Finance Corp. priced $10.42 million of trigger callable contingent yield notes linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index.

The notes are due June 18, 2018 and are guaranteed by Goldman Sachs Group.

The notes pay a contingent quarterly coupon at an annual rate of 11% if each index closes at or above the barrier level, 65% of its initial level, on each day during the quarterly observation period.

The notes are callable at par on any coupon payment date.

The payout at maturity is par unless any index finishes below its 65% downside threshold level, in which case investors will be fully exposed to any losses of the worst-performing index.

Goldman was the agent for the deal.

© 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.