Published on 10/22/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $24 million 9.43% contingent coupon autocalls tied to indexes, fund
By Susanna Moon
Chicago, Oct. 22 – GS Finance Corp. priced $24 million of autocallable contingent coupon notes due Oct. 3, 2022 linked to the lesser performing of the Russell 2000 index, the Nasdaq-100 index and the SPDR S&P MidCap 400 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.43% if each underlying asset closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes will be called at par if each asset closes at or above its initial level on any review date after one year.
The payout at maturity will be par unless any asset closes below its 80% trigger level, in which case investors will be fully exposed to any losses of the worse performing index or fund.
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 assets: | Russell 2000 index, Nasdaq-100 index and SPDR S&P MidCap 400 ETF Trust
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Amount: | $24 million
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Maturity: | Oct. 1, 2020
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Coupon: | 9.43% annualized, payable quarterly if each asset closes at or above 80% coupon barrier on review date for that quarter
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Price: | Par
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Payout at maturity: | If each asset finishes at or above 80% trigger level, par; otherwise, 1% loss for each 1% decline of worse performing index or fund
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Call: | At par if each asset closes at or above its initial level on any quarterly call review date
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Initial levels: | 1,690.526 for Russell, 7,629.572 for Nasdaq and $366.14 for fund
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Trigger levels: | 1,352.4208 for Russell, 6,103.6576 for Nasdaq and $292.912 for fund, 80% of initial levels
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Pricing date: | Sept. 27
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Settlement date: | Oct. 2
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 1.9%
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Cusip: | 40056EAD0
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