Published on 9/5/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $2.57 million 5% contingent coupon autocalls tied to S&P, Russell
By Susanna Moon
Chicago, Sept. 5 – GS Finance Corp. priced $2.57 million of autocallable contingent coupon notes due Sept. 5, 2028 linked to the lesser performing of 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 5% if each index closes at or above its 60% 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 one year.
The payout at maturity will be par unless either index closes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse 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
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| Amount: | $2,573,000
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| Maturity: | Sept. 5, 2028
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| Coupon: | 5% annualized, payable quarterly if each index closes at or above 60% 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 60% trigger level, par; otherwise, 1% loss for each 1% decline of worse 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 August 2019 through May 2028
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| Initial levels: | 1,728.406 for Russell and 2,896.74 for S&P
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| Trigger levels: | 1,037.0436 for Russell and 1,738.044 for S&P, 60% of initial levels
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 30
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 3.95%
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| Cusip: | 40055QTY8
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