Published on 2/12/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.91 million autocallable contingent coupon notes on indexes
By Tali Rackner
Minneapolis, Feb. 12 – GS Finance Corp. priced $3.91 million of autocallable contingent coupon notes due Feb. 2, 2028 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon of 5.15% per annum if each index closes at or above its 60% coupon trigger level on the determination date for that quarter.
After one year, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any call observation date.
The payout at maturity will be par plus the final coupon, if any, unless either index closes below its 60% coupon trigger level, in which case investors will lose 1% for each 1% decline of the lesser-performing index.
Goldman Sachs & Co. is the agent.
| 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 and S&P 500
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| Amount: | $3,912,000
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| Maturity: | Feb. 2, 2028
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| Contingent coupon: | 5.15% annualized, payable quarterly if each index closes at or above 60% coupon trigger level on the determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon, if any, unless either index closes below its 60% coupon trigger level, in which case 1% loss for each 1% decline of lesser-performing index
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any call observation date beginning January 2019
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| Initial index levels: | 1,608.058 for Russell 2000 and 2,872.87 for S&P 500
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| Coupon trigger levels: | 964.8348 for Russell 2000 and 1,723.722 for S&P 500; 60% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | Goldman, Sachs & Co.
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| Fees: | 3.95%
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| Cusip: | 40055AEF0
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