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Goldman Sachs to price range accrual notes linked to S&P 500
By Toni Weeks
San Luis Obispo, Calif., May 7 – Goldman Sachs Group, Inc. plans to price callable monthly range accrual notes due May 29, 2030 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will equal 7.5% multiplied by the proportion of days on which the index closes at or above its trigger level, 70% of its initial level. Interest will be payable monthly.
The payout at maturity will be par if the index return is at least negative 50%. If the index return is less than negative 50%, investors will receive par plus the index return, with full exposure to losses.
Beginning May 29, 2016, the notes will be callable at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
The notes are expected to price May 27 and settle May 29.
The Cusip number is 38148T2Z1.
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