Published on 4/8/2014 in the Prospect News Structured Products Daily.
New Issue: Goldman Sachs prices $670,000 trigger notes linked to S&P 500
By Angela McDaniels
Tacoma, Wash., April 8 - Goldman Sachs Group, Inc. priced $670,000 of 0% trigger notes due April 22, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index's closing level is greater than or equal to 82.5% of the initial level on every day during the life of the notes and the final index level - which will be the average of index's closing levels on the five trading days ending April 17, 2015 - is greater than or equal to 82.5% of the initial level, the payout at maturity will be par plus the index return, subject to a minimum payout of par and a maximum settlement amount of $1,150 per $1,000 principal amount of notes.
If the index's closing level is less than 82.5% of the initial level on any day during the life of the notes or the final index level is less than 82.5% of the initial level, the payout at maturity will be par plus the index return. If that return is positive, the payout will be capped at $1,150. If that return is negative, investors will receive less than par.
Goldman Sachs & Co. is the underwriter with J.P. Morgan Securities LLC as agent.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Trigger notes
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Underlying index: | S&P 500
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Amount: | $670,000
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Maturity: | April 22, 2015
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index's closing level is greater than or equal to 82.5% of initial level on every day during life of notes and final index level is greater than or equal to 82.5% of initial level, par plus index return, subject to minimum payout of par and maximum return of 15%; if index's closing level is less than 82.5% of initial level on any day during life of notes or final index level is less than 82.5% of initial level, par plus index return, subject to 15% maximum return
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Initial index level: | 1,865.09
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Final index level: | Average of index's closing levels on the five trading days ending April 17, 2015
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Pricing date: | April 4
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Settlement date: | April 9
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Underwriter: | Goldman Sachs & Co.
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Agent: | J.P. Morgan Securities LLC
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Fees: | 1.1%
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Cusip: | 38147Q2L9
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