Published on 9/19/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $8.69 million trigger callable contingent yield notes on S&P, MSCI EAFE, Russell
By Wendy Van Sickle
Columbus, Ohio, Sept. 19 – GS Finance Corp. priced $8.69 million of 0% trigger callable contingent yield notes due Sept. 12, 2023 linked to the Russell 2000 index, the MSCI EAFE index and the S&P 500 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 8.4% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date that quarter.
The notes will be callable at par plus any coupon due on any quarterly observation date.
The payout at maturity will be par plus the final coupon, if any, unless any index finishes below the downside threshold level, 60% of its initial level, in which case investors will lose 1% for every 1% loss of the worst 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 callable contingent yield notes
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| Underlying indexes: | Russell 2000, S&P 500 and MSCI EAFE
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| Amount: | $8.69 million
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| Maturity: | Sept. 12, 2023
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| Coupon: | 8.4%, payable quarterly if each index closes at or above coupon barrier on observation date that quarter
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| Price: | Par of $10
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| Call option: | At par plus any coupon on any quarterly observation date
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| Payout at maturity: | Par plus final coupon, if any, unless any index closes below downside threshold level, in which case will lose 1% for each 1% decline of the worst performing index from initial level
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| Initial levels: | 2,871.68 for S&P, 1,713.18 for Russell, 1,905.44 for MSCI EAFE
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| Coupon barriers: | 2,010.176 for S&P, 1,713.18 for Russell, 1,333.808 for MSCI EAFE; 70% of initial levels
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| Downside thresholds: | 1,723.008 for S&P, 1,027.908 for Russell, 1,143.264 for MSCI EAFE, 60% of initial levels
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| Pricing date: | Sept. 7
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| Settlement date: | Sept. 12
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| Agent: | Goldman Sachs & Co. with UBS Financial Services Inc. as selling agent
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| Fees: | 2.1%
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| Cusip: | 36255U802
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