Published on 4/25/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $989,000 contingent coupon autocalls on indexes
By Tali Rackner
Minneapolis, April 25 – GS Finance Corp. priced $989,000 of autocallable contingent coupon notes due Oct. 21, 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.
The notes pay a contingent quarterly coupon at an annual rate of 9.25% if each index closes at or above 70% of its initial level on the related quarterly observation date.
The notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date after six months.
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 the payout will be par plus the return of the least-performing index with full exposure to losses.
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 index, Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $989,000
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| Maturity: | Oct. 21, 2019
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| Coupon: | 9.25%, payable each quarter that each index closes at or above coupon trigger 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 below its initial level and any index closes below its trigger level on any day during the life of the notes, in which case par plus the return of the least-performing index with full exposure to losses
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| Call: | At par if each index closes above initial level on any quarterly observation date after six months
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| Initial levels: | 2,663.99 for S&P, 3,443.97 for Stoxx and 1,557.326 for Russell
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| Trigger levels: | 1,864.793 for S&P, 2,410.779 for Stoxx and 1,090.1282 for Russell; 70% of initial levels
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| Pricing date: | April 12
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| Settlement date: | April 17
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 2.53%
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| Cusip: | 40055ATD9
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