Published on 9/17/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $2.13 million contingent coupon autocalls tied to Stoxx, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Sept. 17 – GS Finance Corp. priced $2.13 million of autocallable contingent coupon notes due March 9, 2020 linked to the least performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each index closes at or above its 70% coupon trigger on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its 70% trigger level any day during the life of the notes, in which case investors will be fully exposed to any losses of the worst performing index.
The guarantor is Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable contingent coupon notes
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Underlying indexes: | Euro Stoxx 50, Russell 2000, S&P 500
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Amount: | $2,127,000
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Maturity: | March 9, 2020
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Coupon: | 9.5% annualized, payable quarterly if each index closes at or above 70% coupon trigger on review date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below initial level any and any index ever close below its 70% trigger level; otherwise, 1% loss for each 1% decline of worst performing index
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Call: | At par if each index closes at or above its initial level on any quarterly call review date after six months
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Initial levels: | 2,901.52 for S&P, 1,740.753 for Russell and 3,392.9 for Stoxx
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Coupon trigger levels: | 2,031.064 for S&P, 1,218.5271 for Russell and 2,375.05 for Stoxx, 70% of initial levels
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Pricing date: | Aug. 31
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Settlement date: | Sept. 6
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.85%
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Cusip: | 40055QRB0
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