Published on 3/3/2017 in the Prospect News Structured Products Daily.
New Issue: GS sells $20.02 million trigger autocallable contingent yield notes on Russell, S&P
By Devika Patel
Knoxville, Tenn., March 3 – GS Finance Corp. priced $20.02 million of trigger autocallable contingent yield notes due Feb. 27, 2020 linked to the S&P 500 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 at an annual rate of 6.35% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date beginning Aug. 24, 2017.
The payout at maturity will be par unless either index finishes below the trigger level, 70% of the initial level, in which case investors will be fully exposed to any losses of the worse performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Russell 2000 and S&P 500
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Amount: | $20,021,900
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| Maturity: | Feb. 27, 2020
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| Coupon: | 6.35%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | Beginning Aug. 24, 2017, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
|
| Payout at maturity: | Par unless index closes below trigger level, in which case full exposure to index loss
|
| Initial levels: | 2,367.34 for S&P, 1,394.525 for Russell
|
| Coupon/trigger level: | 1,657.138 for S&P, 976.168 for Russell, 70% of initial levels
|
| Pricing date: | Feb. 24
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| Settlement date: | Feb. 28
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| Underwriter: | Goldman, Sachs & Co.
|
| Fees: | 2.175%
|
| Cusip: | 36251V127
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