Published on 8/20/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.79 million trigger gears linked to index basket
By Wendy Van Sickle
Columbus, Ohio, Aug. 20 – GS Finance Corp. priced $1.79 million of 0% trigger gears due Aug. 18, 2025 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The basket includes the Euro Stoxx 50 index with a 40% weight, the FTSE 100 index with a 20% weight, the Nikkei 225 index with a 20% weight, the Swiss Market index with a 7.5% weight, the S&P/ASX 200 index with a 7.5% weight and the Hang Seng index with a 5% weight.
If the final basket level is greater than the initial basket level, the payout at maturity will be par of $10 plus 1.5 times the basket return.
If the basket declines by up to 25%, the payout will be par.
Otherwise, investors will lose 1% for every 1% that the basket declines from its initial level.
Goldman Sachs & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as selling agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Trigger gears
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Underlying basket: | Euro Stoxx 50 (40% weight), FTSE 100 (20% weight), Nikkei 225 (20% weight), Swiss Market (7.5% weight), S&P/ASX 200 (7.5% weight) and Hang Seng (5% weight)
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Amount: | $1,788,810
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Maturity: | Aug. 18, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 1.5 times any basket gain; if basket declines by up to 25%, par; otherwise, 1% loss for every 1% basket decline from initial level
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Initial levels: | 3,305.05 for Euro Stoxx, 6,090.03 for FTSE, 23,289.36 for Nikkei, 10,163.6 for Swiss Market, 6,126.249 for S&P/ASX and 25,183.01 for Hang Seng
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Trigger level: | 75% of initial basket level
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Pricing date: | Aug. 14
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Settlement date: | Aug. 18
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Underwriter: | Goldman Sachs & Co. LLC
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Selling agent: | UBS Financial Services Inc.
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Fees: | 3.85%
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Cusip: | 36259L154
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