Published on 7/10/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $6.88 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, July 10 – GS Finance Corp. priced $6.88 million of trigger callable contingent yield notes due June 29, 2028 linked to the least performing of the Euro Stoxx 50 index, the MSCI EAFE 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 if each index closes at or above its coupon barrier, 70% of its initial level, on each day that quarter. The contingent coupon rate is 10.05% per year.
After six months, the notes are callable at par of $10 on any coupon payment date.
The payout at maturity will be par, unless any index finishes below 50% of its initial level, in which case investors will be fully exposed to the decline of the least performing index.
UBS Financial Services Inc. and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50, MSCI EAFE, Russell 2000
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| Amount: | $6.88 million
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| Maturity: | June 29, 2028
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| Coupon: | 10.05% per year, payable quarterly if each index closes at or above its coupon barrier on each day that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par, unless any index finishes below downside threshold, in which case investors will be fully exposed to decline of the least performing index
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| Call option: | After six months at par on each coupon payment date
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| Initial levels: | 3,369.21 for Stoxx, 1,657.51 for Russell 2000, 1,071.06 for EAFE
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| Coupon barriers: | 2,358.447 for Stoxx, 1,160.257 for Russell 2000, 749.742 for EAFE; 70% of initial levels
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| Downside thresholds: | 1,684.605 for Stoxx, 828.755 for Russell 2000, 535.53 for EAFE; 50% of initial levels
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| Pricing date: | June 25
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| Settlement date: | June 28
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| Agents: | UBS Financial Services Inc. and Goldman Sachs & Co. LLC
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| Fees: | 3.7%
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| Cusip: | 36255U216
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