Published on 8/23/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.05 million callable contingent coupon notes on Russell, S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Aug. 23 – GS Finance Corp. priced $3.05 million of callable contingent coupon notes due Feb. 24, 2021 linked to the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 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 quarterly coupon at an annual rate of 8.25% if each index closes at or above 70% of its initial level on the observation date.
The notes are callable at par on any coupon payment date.
If each index finishes at or above 70% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, the payout will be par plus the return of the least-performing index with full exposure to losses.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
|
| Amount: | $3,045,000
|
| Maturity: | Feb. 24, 2021
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| Coupon: | 8.25%, payable each quarter that each index closes at or above 70% of its initial level on determination date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above 70% of its initial level; otherwise par plus the return of least-performing index with full exposure to losses
|
| Call option: | At par on any coupon payment date
|
| Initial levels: | 1,718.045 for Russell, 3,411.66 for Stoxx, 2,862.96 for S&P 500
|
| Pricing date: | Aug. 21
|
| Settlement date: | Aug. 24
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 1.925%
|
| Cusip: | 40055QU42
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