Published on 3/3/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $4.25 million trigger autocallable contingent yield notes on S&P, Stoxx
By Wendy Van Sickle
Columbus, Ohio, March 3– GS Finance Corp. priced $4.25 million of trigger autocallable contingent yield notes due March 3, 2020 linked to the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 7% if each index closes at or above its trigger, 71.5% of its initial level, on the observation date for that quarter.
Beginning in February 2018, the notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either index finishes below its trigger level, in which case investors will be fully exposed to the decline of the lesser-performing index.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 index and the Euro Stoxx 50 index
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| Amount: | $4.25 million
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| Maturity: | March 3, 2020
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| Coupon: | 7%, payable quarterly if each index closes at or above trigger level on observation date
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| Price: | Par of $10
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| Call: | Beginning February 2018, at par plus contingent coupon if each index closes at or above initial level on any quarterly observation date
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| Payout at maturity: | Par unless either index finishes below trigger level, in which case 1% loss for each 1% decline of the worse performing index
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| Initial levels: | 2,369.75 for S&P, 3,309.30 for Stoxx
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| Trigger levels: | 1,694.37 for S&P, 2,366.15 for Stoxx, 71.5% of initial levels
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 28
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| Agents: | Goldman Sachs & Co.
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| Fees: | 2.75%
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| Cusip: | 36251V200
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