Published on 10/11/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.3 million step-down trigger autocalls on FTSE, Stoxx
By Sarah Lizee
Olympia, Wash., Oct. 11 – GS Finance Corp. priced $3.3 million of 0% step-down trigger autocallable notes due Oct. 7, 2027 linked to the lesser performing of 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.
Starting Oct. 7, 2020, the notes will be automatically called at par of $10 plus a call premium of 12.75% per year if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and the final level of the worse performing index is greater than or equal to its downside threshold, 75% of its initial level, the payout will be $20.20 per $10 note. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
Goldman Sachs & Co. LLC and UBS Financial Services Inc. are the agents.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Step-down trigger autocallable notes
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| Underlying indexes: | FTSE 100 index and Euro Stoxx 50 index
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| Amount: | $3.3 million
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| Maturity: | Oct. 7, 2027
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If final level of the worse performing index is greater than or equal to its downside threshold, $20.20 per $10 note; otherwise, 1% loss for each 1% decline of the lesser-performing index from its initial level
|
| Call: | Starting Oct. 7, 2020, the notes will be automatically called at par of $10 plus a call premium of 12.75% per year if each index closes at or above its initial level on any quarterly observation date
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| Initial levels: | 7,155.38 for FTSE, 3,446.71 for Stoxx
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| Downside thresholds: | 5,366.54 for FTSE, 2,585.03 for Stoxx; 75% of initial levels
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| Pricing date: | Oct. 4
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| Settlement date: | Oct. 9
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| Agents: | Goldman Sachs & Co. LLC and UBS Financial Services Inc.
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| Fees: | 1.4%
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| Cusip: | 36258L668
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