Published on 12/2/2019 in the Prospect News Structured Products Daily.
New Issue: GS prices $9.29 million trigger autocallables linked to index basket
By Angela McDaniels
Tacoma, Wash., Dec. 2 – GS Finance Corp. priced $9.29 million of 0% trigger autocallable notes due Nov. 27, 2024 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of 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.
Beginning one year after issuance, the notes will be automatically called at par of $10 plus 9.26% per year if the basket closes at or above its initial level on any quarterly valuation date.
If the notes are not called and the final basket level is greater than or equal to the initial basket level, the payout at maturity will be par plus 46.3%.
If the final basket level is less than the initial basket level but greater than or equal to the downside threshold, 70% of the initial basket level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final basket level is below the initial basket level.
The notes are guaranteed by Goldman Sachs Group Inc.
Goldman Sachs & Co. LLC is the underwriter, and 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 autocallable notes
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| Underlying indexes: | 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: | $9,292,370
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| Maturity: | Nov. 27, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If final basket level is greater than or equal to initial basket level, par plus 46.3%; if final basket level is less than initial basket level but greater than or equal to 70% downside threshold, par; otherwise, 1% loss for every 1% that final basket level is less than initial basket level
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| Call: | Beginning one year after issuance, notes will be automatically called at par plus 9.26% per year if basket closes at or above initial level on any quarterly valuation date
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| Initial levels: | 3,705.55 for Euro Stoxx 50, 7,403.14 for FTSE 100, 23,373.32 for Nikkei Stock Average, 10,506.93 for Swiss Market, 6,787.530 for S&P/ASX 200 and 26,913.92 for Hang Seng
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| Pricing date: | Nov. 26
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| Settlement date: | Nov. 29
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| Underwriter: | Goldman Sachs & Co. LLC
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| Selling agent: | UBS Financial Services Inc.
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| Fees: | 2.8%
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| Cusip: | 36259E432
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