Published on 10/18/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $18.67 million trigger autocallable contingent yield note on indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 18 – GS Finance Corp. priced $18.67 million of 0% trigger autocallable contingent yield notes due Oct. 18, 2027 linked to the Euro Stoxx 50 index and the Russell 2000 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 7% 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 plus the coupon if each index closes at or above its initial level on any quarterly observation date beginning Oct. 15, 2018.
The payout at maturity will be par plus the final coupon, if any, unless either index finishes below the downside threshold level, 50% of its initial level, in which case investors will lose 1% for every 1% loss of the worse-performing index from its initial level.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $18,671,610
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| Maturity: | Oct. 18, 2027
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| Coupon: | 7%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
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| Call: | Beginning Oct. 15, 2018, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
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| Payout at maturity: | Par unless either index finishes below trigger level, in which case 1% loss for each 1% decline of the worse performing index
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| Initial levels: | 1,502.658 for Russell, 3,604.55 for Stoxx
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| Coupon barriers: | 1,051.861 for Russell, 2,523.185 for Stoxx, 70% of initial levels
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| Trigger levels: | 751.329 for Russell, 1,802.275 for Stoxx, 50% of initial levels
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| Pricing date: | Oct. 13
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| Settlement date: | Oct. 18
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| Agents: | Goldman Sachs & Co.
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| Fees: | 3.95%
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| Cusip: | 36253M869
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