Published on 11/1/2016 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $14.57 million trigger callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Nov. 1 – GS Finance Corp. priced $14.57 million of trigger callable contingent yield notes due Feb. 8, 2021 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the MSCI EAFE 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% if each index closes at or above its barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be callable at par on any coupon payment date after May 8, 2017.
The payout at maturity will be par of $10 unless any index finishes below its 60% 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 MSCI EAFE 50 index
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| Amount: | $14,565,000
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| Maturity: | Feb. 8, 2021
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| Coupon: | 9% per year, payable quarterly if each index closes at or above its barrier level on observation date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless any index finishes below trigger level, in which case 1% loss for each 1% decline of worst performing index
|
| Call option: | At par quarterly on any coupon date after May 8, 2017
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| Initial levels: | 2,126.41 for S&P, 1,187.613 for Russell, 1,665.62 for MSCI EAFE
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| Barrier/trigger levels: | 1,275.846 for S&P, 712.568 for Russell, 999.372 for MSCI EAFE; 60% of initial levels
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| Pricing date: | Oct. 28
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| Settlement date: | Nov. 2
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| Underwriter: | Goldman, Sachs & Co.
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| Fees: | 2.3%
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| Cusip: | 36251U186
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