Published on 8/8/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2.52 million trigger callable contingent yield notes indexes
By Sarah Lizee
Olympia, Wash., Aug. 8 – GS Finance Corp. priced $2.52 million of trigger callable contingent yield notes due May 10, 2023 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.25% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the determination date for that quarter.
The notes are redeemable at par of $10 on any quarterly observation date other than the final one.
If the notes are not called and each index finishes at or above its downside threshold, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as selling agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
|
| Amount: | $2,520,900
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| Maturity: | May 10, 2023
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| Coupon: | 8.25% per year, payable quarterly if each index closes at or above its coupon barrier on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
|
| Call option: | At par on any quarterly observation date other than final one
|
| Initial levels: | 2,844.74 for S&P, 1,487.414 for Russell and 3,310.93 for Stoxx
|
| Coupon barriers: | 1,849.081 for S&P, 966.819 for Russell and 2,152.105 for Stoxx; 65% of initial levels
|
| Downside thresholds: | 1,564.607 for S&P, 818.078 for Russell and 1,821.012 for Stoxx; 55% of initial levels
|
| Trade date: | Aug. 5
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| Settlement date: | Aug. 8
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| Underwriter: | Goldman Sachs & Co. LLC
|
| Selling agent: | UBS Financial Services Inc.
|
| Fees: | 1.25%
|
| Cusip: | 36257W582
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