Published on 1/31/2019 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $1.18 million contingent coupon autocalls on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Jan. 31 – GS Finance Corp. priced $1.18 million of autocallable contingent coupon notes due Aug. 4, 2020 linked to the least performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.25% if each index closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any review date after six months.
The payout at maturity will be par unless either underlying index ever closes below its 70% trigger level on any day during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing index.
The guarantor is Goldman Sachs Group, Inc.
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: | Russell 2000 index and S&P 500 index
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| Amount: | $1,179,000
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| Maturity: | Aug. 4, 2020
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| Coupon: | 9.25%, payable quarterly at annualized rate if each index closes at or above 70% coupon barrier on review date for that quarter
|
| Price: | Par
|
| Call: | At par if each index closes at or above its initial level on any review date from July 2019 through April 2020
|
| Payout at maturity: | If each index never closes below 70% trigger level, par; otherwise, 1% loss for each 1% decline of worse performing index
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| Initial levels: | 1,473.536 for Russell and 2,643.85 for S&P
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| Trigger levels: | 1,031.4752 for Russell, 1,850.695 for S&P, 70% of initial levels
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
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| Agent: | Goldman Sachs & Co.
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| Fees: | 2.44%
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| Cusip: | 40056EQC5
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