Published on 7/25/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $7.12 million trigger autocallable contingent yield notes on Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, July 25 – GS Finance Corp. priced $7.12 million of 0% trigger autocallable contingent yield notes due July 18, 2028 linked to the Euro Stoxx 50 index and the Russell 2000 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 7.25% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for 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 June 2019.
The payout at maturity will be par plus the final coupon unless either index finishes below the downside threshold level, 50% of its initial level, in which case investors will lose 1% for every 1% loss of the worse 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: | Russell 2000 and Euro Stoxx 50
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| Amount: | $7,120,500
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| Maturity: | July 18, 2028
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| Coupon: | 7.25%, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any quarterly observation date after one year
|
| Payout at maturity: | Par plus any coupon unless index closes below downside threshold level, in which case will lose 1% for each 1% decline of the worse performing index from initial level
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| Initial levels: | 1,687.079 for Russell, 3,454.54 for Stoxx
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| Coupon barriers: | 1,180.955 for Russell, 2,418.78 for Stoxx, 70% of initial levels
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| Downside thresholds: | 843.54 for Russell, 1,727.27 for Stoxx, 50% of initial levels
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| Pricing date: | July 13
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| Settlement date: | July 18
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| Agent: | Goldman Sachs & Co. with UBS Financial Services Inc. as selling agent
|
| Fees: | 3.95%
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| Cusip: | 36255U349
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