Published on 2/26/2013 in the Prospect News Structured Products Daily.
New Issue: Goldman Sachs prices $5.6 million six-year callable range accrual notes linked to S&P 500
By Toni Weeks
San Luis Obispo, Calif., Feb. 26 - Goldman Sachs Group, Inc. priced $5.6 million of callable monthly S&P 500 index-linked range accrual notes due Feb. 27, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be the applicable coupon multiplied by the proportion of days on which the index closes at or above the index trigger level, 75% of the initial level. The applicable coupon is 7.5% for the first six years, 8% in years seven through nine, 9% in years 10 through 12 and 10% in years 13 through 15. Interest is payable monthly.
If the final index level is greater than or equal to 50% of the initial level, the payout at maturity will be par. Otherwise, investors will be exposed to losses from the initial index level.
After one year, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Callable monthly range accrual notes
|
| Underlying index: | S&P 500
|
| Amount: | $5,598,000
|
| Maturity: | Feb. 27, 2028
|
| Coupon: | The applicable coupon multiplied by the proportion of days on which the index closes at or above 75% of the initial level; coupon is 7.5% for the first six years, 8% in years seven through nine, 9% in years 10 through 12 and 10% in years 13 through 15; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if final index level is at least 50% of initial level; otherwise, full exposure to losses
|
| Call option: | At par on any interest payment date beginning Feb. 27, 2014
|
| Initial index level: | 1,515.60
|
| Trigger level: | 1,136.70, 75% of initial level
|
| Pricing date: | Feb. 22
|
| Settlement date: | Feb. 27
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 4.2%
|
| Cusip: | 38141GPD0
|
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