Published on 8/13/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $9.96 million contingent income callable notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Aug. 13 – GS Finance Corp. priced $9.96 million of contingent income callable securities due Aug. 12, 2021 linked to the least performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 11.3% per year if each index closes at or above its downside threshold level, 75% of its initial level, on each trading day during that quarter.
The notes are callable at par on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, the payout at maturity will be par. Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
The notes are guaranteed by Goldman Sachs Group Inc.
Goldman Sachs & Co. LLC is the underwriter. Morgan Stanley Wealth Management is a dealer.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group Inc.
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
|
| Amount: | $9,962,000
|
| Maturity: | Aug. 12, 2021
|
| Coupon: | 11.3% per year, payable quarterly if each index closes at or above downside threshold level on each trading day during that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold level, par; otherwise, full exposure to least-performing index’s decline from initial level
|
| Call option: | Callable at par on any quarterly coupon payment date other than final one
|
| Initial levels: | 1,513.043 for Russell 2000, 2,918.65 for S&P 500 and 3,333.74 for Euro Stoxx 50
|
| Downside thresholds: | 1,134.78225 for Russell 2000, 2,188.9875 for S&P 500 and 2,500.305 for Euro Stoxx 50, or 75% of initial levels
|
| Pricing date: | Aug. 9
|
| Settlement date: | Aug. 14
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.15%
|
| Cusip: | 40056X2W5
|
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