Published on 3/20/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $649,000 contingent coupon autocallables on S&P, Stoxx, Russell
By Tali Rackner
Minneapolis, March 20 – GS Finance Corp. priced $649,000 of autocallable contingent coupon notes due Sept. 10, 2019 linked to the S&P 500 index, the Euro Stoxx 50 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.
Each quarter, the notes pay a contingent coupon at an annual rate of 9.5% if each index closes at or above its 70% coupon trigger level on the related observation date.
The notes will be called at par if each index closes above its initial level on any call observation date.
The payout at maturity will be par plus the final coupon, unless any index finishes below its initial level and any index closes below its 70% trigger level on any day during the life of the notes, in which case investors will be fully exposed to the decline of the least-performing index.
Goldman Sachs & Co. is the underwriter.
| 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: | S&P 500, Euro Stoxx 50 index and Russell 2000
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| Amount: | $649,000
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| Maturity: | Sept. 10, 2019
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| Coupon: | 9.5%, payable each quarter that each index closes at or above 70% of initial level on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, unless any index finishes negative and any index closes below its 70% trigger level on any day during the life of the notes, in which case full exposure to less of least-performing index
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| Call: | At par if each index closes above initial level on any call observation date
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| Initial levels: | 2,713.83 for S&P, 3,438.96 for Stoxx, 1,512.446 for Russell
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| Trigger levels: | 1,899.681 for S&P, 2,407.272 for Stoxx, 1,058.7122 for Russell, 70% of initial levels
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| Pricing date: | Feb. 28
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| Settlement date: | March 5
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 0.91%
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| Cusip: | 40055AJB4
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