Published on 10/27/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $3 million trigger callable contingent yield notes on three indexes
By Devika Patel
Knoxville, Tenn., Oct. 27 – GS Finance Corp. priced $3 million of trigger callable contingent yield notes due May 1, 2019 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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 9.9% if each index closes at or above its barrier level, 65% 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 May 1, 2017.
The payout at maturity will be par of $10 unless any index finishes below its 65% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing index.
Goldman, Sachs & Co. is the agent.
| 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: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $3 million
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| Maturity: | May 1, 2019
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| Coupon: | 9.9% per year, payable quarterly if each index closes at or above its barrier level each day for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par unless any index finishes below trigger level, in which case 1% loss for each 1% decline of worst performing index
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| Call option: | At par quarterly on any coupon date after May 1, 2017
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| Initial levels: | 2,141.16 for S&P, 1,218.096 for Russell, 3,077.65 for Euro Stoxx
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| Barrier/trigger levels: | 1,391.754 for S&P, 791.762 for Russell, 2,000.473 for Euro Stoxx; 65% of initial levels
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| Pricing date: | Oct. 21
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| Settlement date: | Oct. 28
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| Underwriter: | Goldman, Sachs & Co.
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| Fees: | 1.025%
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| Cusip: | 36251U145
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