Published on 11/3/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $8.81 million trigger autocallable contingent yield notes on Russell, EM index
By Wendy Van Sickle
Columbus, Ohio, Nov. 3 – GS Finance Corp. priced $8.81 million of 0% trigger autocallable contingent yield notes due Nov. 1, 2027 linked to the MSCI Emerging Markets 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 6.9% 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 in October 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.
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| 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 MSCI Emerging Markets index
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| Amount: | $8,810,430
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| Maturity: | Nov. 1, 2027
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| Coupon: | 6.9%, payable quarterly if each index closes at or above coupon barrier on observation date
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| Price: | Par of $10
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| Call: | Beginning in October 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: | 1,508.316 for Russell, 1,110.22 for Emerging Markets
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| Coupon barriers: | 1,055.821 for Russell, 777.154 for Emerging Markets, 70% of initial levels
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| Trigger levels: | 754.158 for Russell, 555.110 for Emerging Markets, 50% of initial levels
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| Pricing date: | Oct. 27
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| Settlement date: | Oct. 31
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| Agents: | Goldman Sachs & Co.
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| Fees: | 3.95%
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| Cusip: | 36254F210
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