Published on 12/29/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $830,000 step down trigger autocallables tied to Dax, Russell
By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – GS Finance Corp. priced $830,000 of 0% step down trigger autocallable notes due Dec. 30, 2022 linked to the lesser performing of the Dax 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.
The notes will be automatically called at par of $10 plus a call premium of 8.55% per year if each index closes at or above its initial level on any annual observation date beginning on Jan. 2, 2019.
If the notes are not subject to an automatic call, and the final level of the worst performing index is higher than or equal to its downside threshold, 70% of its initial level, investors will receive par plus a premium of 42.75%. Otherwise, investors will lose 1% for each 1% decline of the lesser-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: | Step down trigger autocallable notes
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| Underlying indexes: | Russell 2000 and Dax
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| Amount: | $830,000
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| Maturity: | Dec. 30, 2022
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 42.75% if each index closes at or above downside threshold; otherwise full exposure to decline of lesser-performing index from initial level
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| Call: | At par plus 8.55% per year if each index closes at or above its call threshold level on any annual observation date
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| Initial index levels: | 6,194.48 for Dax and 1,543.937 for Russell 2000
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| Downside thresholds: | 4,336.136 for Dax, 1,080.756 for Russell; 2000; 70% of initial levels
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| Call threshold levels: | Equal to initial index levels for every observation date except for final observation date, for which call threshold levels will be 70% of initial levels
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| Pricing date: | Dec. 27
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| Settlement date: | Dec. 29
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 2.85%
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| Cusip: | 36254F566
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