Published on 11/7/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $976,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., Nov. 7 – GS Finance Corp. priced $976,000 of callable contingent coupon notes due Nov. 7, 2022 linked to the Russell 2000 index, the S&P 500 index and the Nasdaq-100 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 at an annualized rate of 8.25% if each index closes at or above 70% of its initial level on the observation date for that period.
After six months, the notes are callable at par on any coupon payment date except the final one.
If the notes are not redeemed, the payout at maturity will be par plus any coupon unless any index finishes below 65% of its initial level, in which case investors will be exposed to the loss 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: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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Amount: | $976,000
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Maturity: | Nov. 7, 2022
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Coupon: | 8.25%, payable each quarter that each index closes at or above 70% of its initial level on the observation date for that period
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any index finishes below 65% of initial level, in which case exposure to loss of least performing index
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Call option: | After six months, at par on any coupon payment date except final one
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Initial index levels: | 1,562.452 for Russell, 8,083.833 for Nasdaq and 3,037.56 for S&P
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Pricing date: | Oct. 31
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Settlement date: | Nov. 5
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Underwriter: | Goldman Sachs & Co. LLC
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Fees: | 0.8%
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Cusip: | 40056XHY5
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