Published on 1/31/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $20.18 million step down trigger autocallables tied to S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Jan. 31 – GS Finance Corp. priced $20.18 million of 0% step down trigger autocallable notes due Jan. 31, 2023 linked to the lesser performing of the S&P 500 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 will be automatically called at par of $10 plus a call premium of 8.85% per year if each index closes at or above its initial level on any annual observation date beginning on Feb. 1, 2019.
If the notes are not subject to an automatic call, and the final level of the worst performing index is higher than or equal to its downside threshold, 70% of its initial level, investors will receive par plus a premium of 44.25%. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Step down trigger autocallable notes
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| Underlying indexes: | Euro Stoxx 50 and S&P 500
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| Amount: | $20,175,000
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| Maturity: | Jan. 31, 2023
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 44.25% if each index closes at or above downside threshold; otherwise full exposure to decline of lesser-performing index from initial level
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| Call: | At par plus 8.85% per year if each index closes at or above its call threshold level on any annual observation date
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| Initial index levels: | 2,853.53 for S&P 500 and 3,643.04 for Euro Stoxx 50
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| Downside thresholds: | 1,997.47 for S&P 500, 2,550.13 for Euro Stoxx 50; 70% of initial levels
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| Call threshold levels: | Equal to initial index levels for every observation date except for final observation date, for which call threshold levels will be 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.
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| Fees: | 2.85%
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| Cusip: | 36254F756
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