Published on 8/15/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $841,000 contingent coupon autocalls on Russell, S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Aug. 15 – GS Finance Corp. priced $841,000 of autocallable contingent coupon notes due Feb. 7, 2020 linked to the lesser performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.75% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless any index closes below its initial level and any index ever closes below its 70% trigger level any day during the monitoring period, in which case investors will be fully exposed to any losses of the worst performing index.
The guarantor is Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
| 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, Russell 2000, Euro Stoxx 50
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| Amount: | $841,000
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| Maturity: | Feb. 7, 2020
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| Coupon: | 9.75% annualized, payable quarterly if each index closes at or above 70% coupon barrier on review date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level or never closes below 70% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index
|
| Call: | At par if each index closes at or above its initial level on any quarterly call review date after six months
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| Initial levels: | 1,670.805 for Russell, 2,816.29 for S&P 500, 3,525.49 for Stoxx
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| Coupon barrier/triggers: | 1,169.5635 for Russell, 1,971.403 for S&P, 2,467.83for Stoxx, 70% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 3
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.95%
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| Cusip: | 40055QHG0
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