Published on 1/7/2019 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $1.12 million 12.2% contingent coupon callables on Russell, S&P, Stoxx
By Susanna Moon
Chicago, Jan. 7 – GS Finance Corp. priced $1.12 million of callable contingent coupon notes due Dec. 27, 2023 linked to the least performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12.2% if each index closes at or above its 70% coupon barrier on the observation date for that month.
The notes are callable at par on any interest payment date after six months.
The payout at maturity will be par unless any index closes below its 70% 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: | Russell 2000 index, S&P 500 and Euro Stoxx 50
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| Amount: | $1,121,000
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| Maturity: | Dec. 27, 2023
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| Coupon: | 12.2% annualized, payable monthly if each index closes at or above 70% coupon barrier on review date for that month
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 70% trigger level, par; otherwise, 1% loss for each 1% decline of worst performing index
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| Call option: | At par on any interest payment date from June 2019 through November 2023
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| Initial levels: | 1,326.002 for Russell, 2,467.42 for S&P and 3,000.06 for Stoxx
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| Trigger levels: | 70% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.85%
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| Cusip: | 40056ENK0
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