Published on 9/18/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.81 million contingent coupon autocallables on S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Sept. 18 – GS Finance Corp. priced $1.81 million of autocallable contingent coupon notes due Sept. 19, 2019 linked to the S&P 500 index, the Euro Stoxx 50 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.
Each month, the notes pay a contingent coupon at an annual rate of 9.15% if each index closes at or above its trigger level, 70% of its initial level, on each trading day that period.
The notes will be called at par on any coupon payment date after one year if each index closes above its initial level.
The payout at maturity will be unless any index finishes below its initial level and any index closes below 70% of its initial level any day during the life of the notes, in which case investors will be fully exposed to the loss of the least-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Russell 2000, Euro Stoxx 50 and S&P 500
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| Amount: | $1,808,000
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| Maturity: | Sept. 19, 2019
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| Coupon: | 9.15%, payable monthly if each index closes at or above trigger level on each trading day that period
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| Price: | Par
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| Payout at maturity: | Par unless any index closes below 70% of initial level any day during life of notes and any index finishes below initial level, in which case full exposure to loss of least performing index
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| Call: | At par on any coupon payment date after one year if each index closes above initial level
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| Initial levels: | 1,425.023 for Russell 2000, 3,526.48 for Euro Stoxx 50 and 2,495.62 for S&P 500
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| Trigger levels: | 997.5161 for Russell 2000, 2,468.536 for Euro Stoxx 50 and 1,746.934 for S&P 500, 70% of initial levels
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| Pricing date: | Sept. 14
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| Settlement date: | Sept. 19
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 1.175%
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| Cusip: | 40054LTF1
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