Published on 4/22/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $390,000 contingent coupon autocalls on S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, April 22 – GS Finance Corp. priced $390,000 of autocallable contingent coupon notes due Oct. 23, 2020 linked to 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 are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon of 9.25% per annum if each index closes at or above its 70% coupon trigger level on the determination date for that quarter.
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 no index has ever closed below its 70% trigger level any day during the life of the notes, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline of the least-performing index.
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, Euro Stoxx 50
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Amount: | $390,000
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Maturity: | Oct. 23, 2020
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Contingent coupon: | 9.25% 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 no index finishes below initial level or if no index closes below 70% trigger level during life of notes, par; otherwise, 1% loss for each 1% decline of least-performing index
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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
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Initial index levels: | 1,582.785 for Russell, 2,907.06 for S&P, 3,463.36 for Stoxx
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Pricing date: | April 16
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Settlement date: | April 22
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Agent: | Goldman Sachs & Co.
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Fees: | 0.64%
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Cusip: | 40056F4N2
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