Published on 4/25/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.36 million callable contingent coupon notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, April 25 – GS Finance Corp. priced $1.36 million of callable contingent coupon notes due April 26, 2023 linked to the S&P 500 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 monthly coupon at an annual rate of 5.5% if each underlier closes at or above 60% of its initial level on the related observation date.
The notes are callable at par on any coupon payment date after one year.
The payout at maturity will be par plus the final coupon unless either underlier falls by more than 40%, in which case the payout will be par plus the return of the worse performing underlier 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: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index, Russell 2000 index
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Amount: | $1,363,000
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Maturity: | April 26, 2023
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Coupon: | 5.5%, payable each month that each underlier closes at or above 60% of its initial level on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon, unless either underlier falls by more than 40%, in which case par plus the return of the worse performing underlier with full exposure to losses
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Call option: | At par on any coupon payment date after one year
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Initial levels: | 1,562.12 for Russell, 2,670.29 for S&P
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Pricing date: | April 23
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Settlement date: | April 26
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Underwriter: | Goldman Sachs & Co.
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Fees: | 4.725%
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Cusip: | 40055AY50
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