Published on 11/7/2017 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $1.03 million contingent coupon autocallables on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – GS Finance Corp. priced $1.03 million of autocallable contingent coupon notes due May 3, 2019 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.5% if each index closes at or above its 70% coupon barrier on the review 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 in January 2018.
The payout at maturity will be par unless either index finishes below its initial level and either index closes below its initial level any day during the life of the notes, in which case investors will be exposed to any losses of the worse performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying assets: | Russell 2000 index, S&P 500 index
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| Amount: | $1,034,000
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| Maturity: | May 3, 2019
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| Coupon: | 5.5% annualized, payable quarterly if each index closes at or above 70% coupon barrier on review date that quarter
|
| Price: | Par
|
| Call: | At par if each index closes at or above its initial level on any quarterly observation date beginning in January 2018
|
| Payout at maturity: | Par unless either index finishes below initial level and either index closes below 70% trigger level during life of notes, in which case 1% loss for each 1% decline of worse performing index
|
| Initial levels: | 1,497.459 for Russell 2000 and 2,560.40 for S&P 500
|
| Coupon barrier/triggers: | 1,048.2213 for Russell 2000 and 1,792.28 for S&P 500, 70% of initial levels
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 2.36%
|
| Cusip: | 40054LWK6
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