Published on 3/13/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $17.49 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, March 13 – GS Finance Corp. priced $17.49 million of trigger callable contingent yield notes due Sept. 16, 2021 linked to the least performing of the MSCI EAFE index, the Russell 2000 index and the S&P 500 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 8.4% if each index closes at or above 60% of its initial level on the determination date that quarter.
The notes will be callable at par on any coupon payment date on or after Sept. 18.
The payout at maturity will be par of $10 unless any index finishes below its 60% downside threshold 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.
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | MSCI EAFE 50, Russell 2000 and S&P 500
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| Amount: | $17,485,000
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| Maturity: | Sept. 16, 2021
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| Coupon: | 8.4% per year, payable quarterly if each index closes at or above coupon barrier on determination date that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless any index finishes below its downside threshold level, in which case investors will be fully exposed to any losses of the worst performing index
|
| Call option: | At par on any coupon payment date after six months
|
| Initial levels: | 2,364.87 for S&P 500, 1,360.119 for Russell 2000 and 1,747.85 for MSCI EAFE
|
| Coupon barriers: | 1,418.92 for S&P 500, 816.071 for Russell 2000 and 1,048.71 for MSCI EAFE; 60% of initial levels
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| Downside thresholds: | 1,418.92 for S&P 500, 816.071 for Russell 2000 and 1,048.71 for MSCI EAFE; 60% of initial levels
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| Pricing date: | March 9
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| Settlement date: | March 16
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| Agent: | Goldman, Sachs & Co.
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| Fees: | 2.3%
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| Cusip: | 36251V325
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