Published on 12/28/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $779,000 callable contingent coupon notes linked to S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Dec. 28 – GS Finance Corp. priced $779,000 of callable contingent coupon notes due Dec. 26, 2022 linked to the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 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 7.75% if each index’s closing level is greater than or equal to 70% of its initial level on the determination date that period.
The notes are callable at par on any coupon payment date after one year.
The payout at maturity will be par plus the final coupon, if any, unless either index declines by more than 30%, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
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: | Euro Stoxx 50, Russell 2000 and S&P 500
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| Amount: | $779,000
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| Maturity: | Dec. 26, 2022
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| Coupon: | 7.75%, payable quarterly if each index’s closing level is greater than or equal to 70% of initial level on determination date that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, unless if either index declines by more than 30%, in which case 1% loss for every 1% that lesser-performing index declines from initial level
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| Call option: | Notes are callable at par on any coupon payment date after one year
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| Initial levels: | 3,552.65 for Stoxx, 1,540.076 for Russell, 2,679.25 for S&P
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 26
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 4.475%
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| Cusip: | 40055ABP1
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