Published on 8/21/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $293,000 contingent coupon autocalls on Dow, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 21 – GS Finance Corp. priced $293,000 of autocallable contingent coupon notes due Feb. 21, 2020 linked to the least performing of the S&P 500 index, the Dow Jones industrial average 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 6% 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 ever closes below its 70% trigger level during the life of the notes, 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, Dow Jones industrial average, Russell 2000
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| Amount: | $293,000
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| Maturity: | Feb. 21, 2020
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| Coupon: | 6% 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 never closes below 70% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call: | At par if each index closes at or above its initial level on any quarterly call review date from February 2019 through November 2019
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| Initial levels: | 1,675.315 for Russell, 2,821.93 for S&P and 25,187.70 for Dow
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| Trigger levels: | 1,172.7205 for Russell, 1,975.351 for S&P and 17,631.39 for Dow, 70% of initial levels
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| Pricing date: | Aug. 13
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| Settlement date: | Aug. 16
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 2.525%
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| Cusip: | 40055QNP3
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