Published on 6/10/2014 in the Prospect News Structured Products Daily.
New Issue: Goldman Sachs prices $6.17 million range accrual notes tied to Russell 2000, S&P 500
By Angela McDaniels
Tacoma, Wash., June 10 – Goldman Sachs Group, Inc. priced $6.17 million of callable monthly range accrual notes due June 11, 2029 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 6.25% per year multiplied by the proportion of days on which each index’s closing level is greater than or equal to 50% of its initial index level. Interest is payable monthly.
If each index’s return is greater than or equal to negative 50%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index’s final level is less than its initial level.
Beginning June 11, 2015, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | callable monthly range accrual notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $6,169,000
|
| Maturity: | June 11, 2029
|
| Coupon: | 6.25% per year multiplied by proportion of days on which each index’s closing level is greater than or equal to 50% of its initial index level; payable monthly
|
| Price: | Par
|
| Payout at maturity: | If each index’s return is greater than or equal to negative 50%, par; otherwise, 1% loss for every 1% that lesser-performing index’s final level is less than its initial level
|
| Call option: | At par on any interest payment date from June 11, 2015 onward
|
| Initial index levels: | 1,165.21 for Russell 2000 and 1,949.44 for S&P 500
|
| Pricing date: | June 6
|
| Settlement date: | June 11
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.15%
|
| Cusip: | 38147Q7C4
|
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