Published on 7/2/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $12.19 million trigger autocallable contingent yield notes on S&P, Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, July 2 – GS Finance Corp. priced $12.19 million of 0% trigger autocallable contingent yield notes due Dec. 31, 2020 linked to the Russell 2000 index, the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 7.7% if each index closes at or above its coupon barrier, 70% of its initial level, on every trading day that quarter.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date beginning in December 2018.
The payout at maturity will be par plus the final coupon unless any index finishes below the downside threshold level, 70% of its initial level, in which case investors will lose 1% for every 1% loss of the worst performing index from its initial level.
Goldman Sachs & Co. is the agent with UBS Financial Services Inc. as selling agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50
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| Amount: | $12,193,000
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| Maturity: | Dec. 31, 2020
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| Coupon: | 7.7%, payable quarterly if each index closes at or above coupon barrier on every trading day that quarter
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| Price: | Par of $10
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| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after six months
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| Payout at maturity: | Par plus any coupon unless any index closes below downside threshold level, in which case will lose 1% for each 1% decline of the worst performing index from initial level
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| Initial levels: | 1,640.454 for Russell, 2,699.63 for S&P 500, 3,397.13 for Stoxx
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| Coupon barriers/downside thresholds: | 1,148.318 for Russell, 1,889.74 for S&P 500, 2,377.99 for Stoxx, 70% of initial levels
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| Pricing date: | June 27
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| Settlement date: | June 29
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| Agent: | Goldman Sachs & Co. with UBS Financial Services Inc. as selling agent
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| Fees: | 1.175%
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| Cusip: | 36255U265
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