Published on 10/11/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $5.67 million contingent coupon autocallables on indexes
By Sarah Lizee
Olympia, Wash., Oct. 11 – GS Finance Corp. priced $5.67 million of autocallable contingent coupon index-linked notes due July 13, 2020 linked to the least performing of the Nasdaq-100 index, the S&P 500 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 8.15% per annum if each index closes at or above its 70% coupon trigger level every day 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.
The payout at maturity will be par plus the final coupon, if any, unless any index finishes below its initial level and any index ever closes below its 70% trigger level during the life of the notes, in which case investors will be fully exposed to the loss of the lesser-performing index.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon index-linked notes
|
| Underlying indexes: | Nasdaq-100 index, S&P 500 index and Russell 2000 index
|
| Amount: | $5,665,000
|
| Maturity: | July 13, 2020
|
| Coupon: | 8.15% per year, payable each quarter that each index closes at or above its 70% coupon trigger level every day that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, if any, unless any index finishes below its initial level and any index ever closes below its 70% trigger level during the life of the notes, in which case full exposure to loss of least-performing index
|
| Call: | At par plus the contingent coupon if each index closes at or above its initial level on any quarterly determination date
|
| Initial index levels: | 2,887.61 for S&P, 7,550.786 for Nasdaq and 1,479.630 for Russell
|
| Pricing date: | Oct. 2
|
| Settlement date: | Oct. 7
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 1.6%
|
| Cusip: | 40056XH66
|
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