Published on 9/21/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $10.82 million step down trigger autocalls tied to Russell, Stoxx
By Susanna Moon
Chicago, Sept 20 – GS Finance Corp. priced $10.82 million of 0% step down trigger autocallable notes due Sept. 14, 2023 linked to the least performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annual call premium of 11.05% if each index closes at or above its initial level on any annual review date after one year.
If the notes are not called, the payout at maturity will be par plus $15.525 per $10.00 unless the index falls below its 70% downside threshold, in which case investors will receive par plus the return of the worse performing index with full exposure to any losses.
The notes are guaranteed by Goldman Sachs Group, Inc.
UBS Financial Services Inc. and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Step down trigger autocallable notes
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| Underlying indexes: | Russell 2000 and Euro Stoxx 50
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| Amount: | $10,815,000
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| Maturity: | Sept. 14, 2023
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| Price: | Par of $10
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| Payout at maturity: | Par plus 55.25% unless either index falls by up to 30%, in which case 1% loss per 1% decline of worse performing index
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| Call: | At par plus 11.05% per year if index closes at or above its initial level on any annual review date after one year
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| Initial levels: | 1,718.404 for Russell and 3,311.66 for Stoxx
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| Downside thresholds: | 1,202.883 for Russell and 2,318.162 for Stoxx, 70% of initial levels
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 14
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| Agents: | UBS Financial Services Inc. and Goldman Sachs & Co. LLC
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| Fees: | 0.35%
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| Cusip: | 36255U851
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