Published on 9/30/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $6.33 million callable contingent coupon notes linked to indexes, ETF
By Angela McDaniels
Tacoma, Wash., Sept. 30 – GS Finance Corp. priced $6.33 million of callable contingent coupon notes due Sept. 30, 2024 linked to the Russell 2000 index, the Euro Stoxx 50 index and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 14.4% if each underlying’s closing level is greater than or equal to its downside threshold, 70% of its initial level, on each trading during that quarter.
The notes are callable at par on any coupon payment date.
The payout at maturity will be par unless any underlying declines by more than 30%, in which case investors will lose 1% for every 1% that the least-performing underlying declines from its initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlyings: | Russell 2000 index, the Euro Stoxx 50 index and the Financial Select Sector SPDR fund
|
| Amount: | $6,325,000
|
| Maturity: | Sept. 30, 2024
|
| Coupon: | 14.4%, payable quarter if each underlying’s closing level is greater than or equal to downside threshold on observation on each trading during that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlying finishes below downside threshold, in which case 1% loss for every 1% that least-performing underlying declines from initial level
|
| Call option: | At par on any coupon payment date
|
| Initial levels: | 1,550.654 for Russell 2000, 3,513.03 for Euro Stoxx 50 and $28.09 for ETF
|
| Downside thresholds: | 1,085.4578 for Russell 2000, 2,459.121 for Euro Stoxx 50 and $19.663 for ETF, or 70% of initial levels
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 0.35%
|
| Cusip: | 40056XF68
|
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