Published on 2/19/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $692,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., Feb. 19 – GS Finance Corp. priced $692,000 of callable contingent coupon notes due Feb. 14, 2030 linked to the Russell 2000 index, the Dow Jones U.S. Select Dividend index and the S&P 500 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 of 6% per annum if each index closes at or above its 60% coupon trigger level on the observation date for that quarter.
The notes will be callable at par on any quarterly call date.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below 60% of its initial level, in which case investors will be exposed to the decline of the least performing index.
Goldman Sachs & Co. LLC 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, Dow Jones U.S. Select Dividend index and S&P 500 index,
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| Amount: | $692,000
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| Maturity: | Feb. 14, 2030
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| Contingent coupon: | 6% annualized, payable quarterly if each index closes at or above coupon trigger level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus coupon, if any, unless either index finishes below barrier level, in which case exposure to decline of least performing index
|
| Call option: | At par plus any contingent coupon on any quarterly call date
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| Initial index levels: | 1,677.515 for Russell, 758.35 for Dow Jones U.S. Select Dividend and 3,357.75 for S&P
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| Coupon barriers: | 60% of initial levels
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| Barrier levels: | 60% of initial levels
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| Pricing date: | Feb. 11
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| Settlement date: | Feb. 14
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| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 0.7%
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| Cusip: | 40056YHM9
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