Published on 2/25/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $623,000 autocallable contingent coupon notes on indexes, fund
By Wendy Van Sickle
Columbus, Ohio, Feb. 25 – GS Finance Corp. priced $623,000 of autocallable contingent coupon notes due Feb. 26, 2024 linked to the Dow Jones industrial average, the Financial Select Sector SPDR fund 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.
The notes will pay a contingent quarterly coupon of 6% per annum if each index closes at or above its 70% coupon trigger level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon, if any, unless any index finishes below 65% of its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Dow Jones industrial average, Financial Select Sector SPDR fund, Russell 2000
|
| Amount: | $623,000
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| Maturity: | Feb. 26, 2024
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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 the coupon, if any, unless any index finishes below 65% trigger level, in which case investors will be fully exposed to the decline of the least performing index from its initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
|
| Initial index levels: | 28,992.41 for Dow, $30.77 for fund and 1,678.609 for Russell
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| Coupon trigger/trigger levels: | 70% of initial levels
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| Pricing date: | Feb. 21
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| Settlement date: | Feb. 26
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| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 0.8%
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| Cusip: | 40056YJG0
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