Published on 8/31/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman Sachs prices $5.01 million range accrual notes linked to S&P 500
New York, Aug. 31 – Goldman Sachs Group, Inc. priced $5.01 million of callable monthly range accrual notes due Feb. 28, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 6.25% per year multiplied by the proportion of days on which the index closes at or above the barrier level, 80% of the initial index level.
The payout at maturity will be par unless the S&P 500 finishes below 80% of its initial level in which case investors will be exposed to losses in the index beyond 20%.
Beginning Aug. 31, 2016, the notes will be callable at par on any monthly interest payment date.
Goldman Sachs & Co. is the underwriter.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Callable monthly range accrual notes
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Underlying index: | S&P 500 index
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Amount: | $5,005,000
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Maturity: | Feb. 28, 2023
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Coupon: | 6.25% per year multiplied by proportion of days on which index closes at or above its 80% barrier level
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Price: | Par
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Payout at maturity: | Par unless S&P 500 finishes below 80% of its initial level in which case exposure to losses beyond 20%
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Call option: | Beginning Aug. 31, 2016, at par on any monthly interest payment date
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Initial index level: | 1,987.66
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Barrier level: | 1,590.128, 80% of initial level
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Pricing date: | Aug. 27
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Settlement date: | Aug. 31
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Underwriter: | Goldman Sachs & Co.
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Fees: | 5%
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Cusip: | 38148TBK4
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