Published on 9/30/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $3.39 million callable contingent coupon notes linked to Russell, S&P
By Tali Rackner
Norfolk, Va., Sept. 30 – Goldman Sachs Group, Inc. priced $3.39 million of callable contingent coupon notes due Sept. 30, 2019 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon at the rate of 6.45% per year if each index’s closing level is at least 60% of the initial index level on the determination date for that quarter.
Beginning Sept. 30, 2016, the notes are callable at par on any interest payment date.
If the notes have not been called and the return of each index is negative 40% or greater, the payout at maturity will be par plus the contingent coupon.
If the return of either index is less than negative 40%, investors will share fully in the losses of the lesser-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Russell 2000 index S&P 500 index
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| Amount: | $3,389,000
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| Maturity: | Sept. 30, 2019
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| Coupon: | Each quarter, notes pay coupon at rate of 6.45% per year if each index’s closing level is at least 60% of initial index level on determination date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon if return of each index is negative 40% or greater; if return of either index is less than negative 40%, full exposure to losses of lesser-performing index
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| Call option: | Beginning Sept. 30, 2016, notes are callable at par on any interest payment date
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| Initial levels: | 1,090.57 for Russell 2000 and 1,881.77 for S&P 500
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 3.55%
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| Cusip: | 38148TDP1
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