Published on 8/20/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $6.13 million trigger autocallable contingent yield notes on Russell, FTSE
By Sarah Lizee
Olympia, Wash., Aug. 20 – GS Finance Corp. priced $6.13 million of trigger autocallable contingent yield notes due Aug. 16, 2023 linked to the Russell 2000 index and the FTSE 100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 7.25% if each index closes at or above its coupon barrier level, 70% of its initial level, 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 observation date after six months.
The payout at maturity will be par plus any coupon unless either index finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Goldman Sachs & Co. LLC is the underwriter, and UBS Financial Services Inc. is the selling agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | Russell 2000, FTSE 100
|
| Amount: | $6,130,230
|
| Maturity: | Aug. 16, 2023
|
| Coupon: | 7.25%, payable quarterly if each index closes at or above coupon barrier level on observation date
|
| Price: | Par of $10
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any observation date after six months
|
| Payout at maturity: | Par plus any coupon unless either index finishes below downside threshold level, in which case 1% loss for each 1% decline of worse performing index from initial level
|
| Initial levels: | 1,577.88 for Russell, 6,090.04 for FTSE
|
| Coupon barriers: | 1,104.516 for Russell, 4,263.028 for FTSE, 70% of initial levels
|
| Downside thresholds: | 1,104.516 for Russell, 4,263.028 for FTSE, 70% of initial levels
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 19
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Selling agent: | UBS Financial Services Inc.
|
| Fees: | 2.175%
|
| Cusip: | 36259L204
|
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