Published on 8/1/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $10.23 million callable contingent coupon notes linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – GS Finance Corp. priced $10.23 million of callable contingent coupon notes due Jan. 29, 2021 linked to the Russell 2000 index, the FTSE 100 index and the Euro Stoxx 50 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 8.4% if each index closes at or above its barrier level, 65% of its initial level, on the observation date for that quarter.
The notes are callable at par on any coupon payment date.
The payout at maturity will be par plus the final coupon, unless either index finishes below 65% of its initial level, in which case investors will be fully exposed to the decline of the least performing index.
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: | Russell 2000 index, FTSE 100 index and Euro Stoxx 50 index
|
| Amount: | $10,233,000
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| Maturity: | Jan. 29, 2021
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| Coupon: | 8.4%, payable quarterly if each index closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, if any, unless any index finishes below 60% of initial level, in which case full exposure to loss of least performing index
|
| Call option: | At par on any coupon payment date
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| Initial levels: | 1,442.279 for Russell, 7,452.32 for FTSE and 3,491.19 for Stoxx
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| Pricing date: | July 26
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| Settlement date: | July 31
|
| Underwriter: | Goldman Sachs & Co.
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| Fees: | 2%
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| Cusip: | 40054LKW3
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