Published on 11/16/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $129,000 contingent coupon autocalls on Russell, S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, Nov. 16 – GS Finance Corp. priced $129,000 of autocallable contingent coupon notes due May 20, 2022 linked to the Dow Jones industrial average, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon of 7.25% per annum if each index closes at or above its 70% coupon trigger level on the determination date for that quarter.
After six months, the notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date.
If each index finishes at or above its initial level, or never closes below its 70% trigger level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will have exposure to losses of the least-performing index but will still receive a coupon if each index finishes at or above its coupon trigger level.
Goldman Sachs & Co. 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, Dow Jones industrial average
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| Amount: | $129,000
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| Maturity: | May 20, 2022
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| Contingent coupon: | 7.25% annualized, payable quarterly if each index closes at or above 70% coupon trigger level on the determination date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level or each index has never closed below 70% trigger during life of notes, par plus coupon; otherwise, investors will have exposure to loss of least-performing index but will still receive coupon if each index finishes above coupon trigger
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
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| Initial index levels: | 2,722.18 for S&P 500 and 1,514.802 for Russell 2000, 25,286.49 for Dow
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| Coupon trigger levels: | 1,905.526 for S&P 500 and 1,060.3614 for Russell 2000, 17,700.543 for Dow, 70% of initial levels
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| Pricing date: | Nov. 13
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| Settlement date: | Nov. 16
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| Agent: | Goldman Sachs & Co.
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| Fees: | 2.525%
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| Cusip: | 40056ECP1
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