Published on 3/31/2020 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $2.01 million callable contingent coupon notes on Stoxx, S&P, Dow
By Wendy Van Sickle
Columbus, Ohio, March 31 – GS Finance Corp. priced $2.01 million of callable contingent coupon notes due March 25, 2026 linked to the least performing of the Dow Jones industrial average, the S&P 500 index and the Euro Stoxx 50 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 monthly coupon at annual rate of 25% if each underlier closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
The notes will be callable quarterly at par plus any coupon due on any quarterly call valuation date.
The payout at maturity will be par plus any final coupon due unless any underlier finishes below the 75% trigger buffer level, in which case investors will lose 1% for each 1% decline of the worst performing underlier from its initial level.
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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Underliers: | Dow Jones industrial average, S&P 500 index and Euro Stoxx 50 index
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Amount: | $2,006,000
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Maturity: | March 25, 2026
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Coupon: | 25%, payable monthly if each underlier closes at or above coupon barrier on observation date
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Price: | Par
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Call option: | At par plus any coupon due on any quarterly call valuation date
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Payout at maturity: | Par plus any coupon if all underlying indexes close above trigger buffer levels; otherwise 1% for each 1% decline of worse performing underlier from initial level
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Initial levels: | 19,173.98 for Dow, 2,304.92 for S&P, 2,548.5 for Stoxx
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Coupon barriers: | 75% of initial levels
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Trigger buffer levels: | 75% of initial levels
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Pricing date: | March 20
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Settlement date: | March 25
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 1.375%
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Cusip: | 40056YUS1
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