Published on 5/11/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2 million callable contingent coupon notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, May 11 – GS Finance Corp. priced $903,000 of callable contingent coupon notes due Nov. 16, 2020 linked to the worse 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.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 10.25% if each index closes at or above 75% of its initial level on each trading day that quarter.
The notes are callable at par of $1,000 on any contingent coupon payment date after six months.
The payout at maturity will be par plus the final coupon payment, if any, unless any index finishes below 30% of its initial level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
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| Amount: | $2 million
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| Maturity: | Nov. 16, 2020
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| Coupon: | 10.25%, payable quarterly if each index closes at or above 75% of initial level on each trading day that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, unless any index declines by more than 30%, in which case 1% loss for each 1% decline of least-performing index from initial level
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| Call option: | At par on any interest payment date after six months
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| Initial levels: | 3,557.88 for Stoxx, 1,546.558 for Russell 2000 and 2,629.73 for S&P
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| Pricing date: | May 8
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| Settlement date: | May 11
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| Underwriter: | Goldman, Sachs & Co.
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| Fees: | 0.775%
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| Cusip: | 40055Q6Q0
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