Published on 5/17/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $448,000 callable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 17 – GS Finance Corp. priced $448,000 of callable contingent coupon notes due May 17, 2024 linked to the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon if each index’s closing level is greater than or equal to 60% of its initial level on the observation date for that period. The contingent coupon rate will be 5.25% per year.
Beginning in May 2020, the notes are callable at par on any coupon payment date.
The payout at maturity will be par unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to the decline of the least performing index.
Goldman Sachs & Co. LLC is the underwriter.
| 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: | Nasdaq-100, Russell 2000 and S&P 500
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| Amount: | $448,000
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| Maturity: | May 17, 2024
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| Coupon: | 5.25% per year, payable each quarter that each index’s closing level is greater than or equal to 60% of initial level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to any losses of the least performing index
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| Call option: | Beginning in May 2020, at par on any coupon payment date
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| Initial index levels: | 7,401.884 for Nasdaq, 1,543.058 for Russell and 2,870.72 for S&P
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| Pricing date: | May 14
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| Settlement date: | May 17
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 4.475%
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| Cusip: | 40056FCV5
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