Published on 3/23/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $509,000 autocallable contingent coupon notes on indexes
By Kiku Steinfeld
Chicago, March 23 – GS Finance Corp. priced $509,000 of autocallable contingent coupon notes due Dec. 11, 2020 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.
The notes will pay a contingent quarterly coupon of 11% 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 June 4, 2020 or Sept. 4, 2020.
The payout at maturity will be par plus the coupon unless any index finishes below 70% 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 agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
|
| Amount: | $509,000
|
| Maturity: | Dec. 11, 2020
|
| Contingent coupon: | 11% annualized, payable quarterly if each index closes at or above 70% coupon trigger level on the observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus the coupon unless any index finishes below 70% of its initial 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 June 4, 2020 or Sept. 4, 2020
|
| Initial index levels: | 3,130.12 for S&P, 3,420.56 for Stoxx and 1,531.197 for Russell
|
| Coupon trigger levels: | 70% of initial levels
|
| Agent: | Goldman Sachs & Co. LLC
|
| Pricing date: | March 4
|
| Settlement date: | March 9
|
| Fees: | 0.55%
|
| Cusip: | 40056YPR9
|
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