Published on 4/22/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $2 million trigger callable contingent yield notes on three indexes
By Devika Patel
Knoxville, Tenn., April 22 – GS Finance Corp. priced $2 million of trigger callable contingent yield notes due Oct. 25, 2018 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 7.5% if each index closes at or above its barrier level, 70% of its initial level, on each day during the quarterly observation period.
The notes will be callable at par on any coupon payment date after April 25, 2017.
The payout at maturity will be par unless any index finishes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst performing index.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
|
| Amount: | $2 million
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| Maturity: | Oct. 25, 2018
|
| Coupon: | 7.5% per year, payable quarterly if each index closes at or above its barrier level each day for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below trigger level, in which case full exposure to any losses of worst performing index
|
| Call option: | At par quarterly on any coupon date after April 25, 2017
|
| Initial levels: | 2,100.80 for S&P, 3,112.99 for Euro Stoxx, 1,140.233 for Russell
|
| Barrier levels: | 1,470.56 for S&P, 2,179.093 for Euro Stoxx, 798.163 for Russell; 70% of initial levels
|
| Trigger levels: | 1,050.4 for S&P, 1,556.495 for Euro Stoxx, 570.117 for Russell; 50% of initial levels
|
| Pricing date: | April 20
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| Settlement date: | April 25
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 1.175%
|
| Cusip: | 36250E811
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