Published on 11/9/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $53,000 9%-12% contingent coupon callables on Stoxx, Russell, S&P
By Susanna Moon
Chicago, Nov. 9 – GS Finance Corp. priced $53,000 of callable contingent coupon notes due Oct. 31, 2028 linked to the lesser performing of the S&P 500 index, the Euro Stoxx 50 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 if each index closes at or above its 75% coupon barrier on the observation date for that quarter. The contingent coupon will be 9% for the first 20 payment dates, stepping up to 12% for the final 20 payment dates.
The notes are callable at par on any review date after six months.
The payout at maturity will be par unless any index closes below its 50% trigger level, in which case investors will be fully exposed to any losses of the worst 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: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500, Euro Stoxx 50, Russell 2000
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| Amount: | $53,000
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| Maturity: | Oct. 31, 2028
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| Coupon: | 9% annualized for the first 20 payment dates and 12% for the final 20 payment dates, payable quarterly if each index closes at or above 75% 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 50% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any quarterly call review date from April 2019 through July 2028
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| Initial levels: | 2,641.25 for S&P, 3,154.93 for Stoxx, 1,477.306 for Russell
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| Coupon barrier: | 75% of initial levels
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| Trigger levels: | 50% of initial levels
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| Pricing date: | Oct. 29
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| Settlement date: | Oct. 31
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 4.45%
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| Cusip: | 40056E5G9
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