Published on 8/15/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $332,000 contingent coupon autocalls on three indexes
By Sarah Lizee
Olympia, Wash., Aug. 15 – GS Finance Corp. priced $332,000 of autocallable contingent coupon notes due Nov. 20, 2020 linked to the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 6% if each index closes at or above its coupon trigger level, 70% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any coupon determination date.
The payout at maturity will be par plus any coupon due, unless any index finishes below its initial level and any index ever closes below its trigger level, 70% of its initial level, during the life of the notes, in which case investors will be exposed to the decline of the least-performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying indexes: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $332,000
|
| Maturity: | Nov. 20, 2020
|
| Coupon: | 6%, payable quarterly if each index closes at or above coupon trigger level, 70% of initial level, on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any index finishes below initial level and any index ever closes below trigger level, 70% of initial level, during life of notes, in which case exposure to decline of least-performing index, but will still pay coupon if conditions are met
|
| Call: | Automatically at par if each index closes at or above initial level on any coupon determination date
|
| Initial levels: | 26,279.91 for Dow, 7,728.151 for Nasdaq and 1,510.575 for Russell
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 16
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 2.275%
|
| Cusip: | 40056FWP6
|
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