Published on 3/31/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.84 million contingent coupon autocallables linked to S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, March 31 – GS Finance Corp. priced $1.84 million of autocallable contingent coupon notes due Dec. 29, 2020 linked to 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 an annual rate of 25% if each index closes at or above its coupon barrier, 60% 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 unless any index finishes below its initial level and any index ever closes below its 60% trigger level, in which case investors will lose 1% for every 1% loss 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.
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| Issue: | Autocallable contingent coupon notes
|
| Underlying indexes: | Russell 2000 and S&P 500
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| Amount: | $1,839,000
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| Maturity: | Dec. 29, 2020
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| Coupon: | 25%, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below initial level and ever closes below 60% trigger level, in which case 1% loss for every 1% that least-performing index declines from initial level
|
| Call: | Automatically at par if each index closes at or above initial levels on any coupon determination date
|
| Initial levels: | 2,304.92 for S&P, 1,013.889 for Russell, 2,548.5 Stoxx
|
| Pricing date: | March 20
|
| Settlement date: | March 25
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 1.55%
|
| Cusip: | 40056YUC6
|
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