Published on 12/11/2017 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $9.11 million trigger callable contingent yield notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Dec. 11 – GS Finance Corp. priced $9.11 million of trigger callable contingent yield notes due June 11, 2021 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.1% if each index closes at or above its coupon barrier level, 70% of its initial level, on the determination date for that quarter.
The notes will be callable at par plus any coupon on any coupon payment date beginning June 11, 2018.
The payout at maturity will be par of $10 plus the final coupon, unless any index finishes below its 60% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing index.
Goldman, Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger callable contingent yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $9,109,500
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| Maturity: | June 11, 2021
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| Coupon: | 9.1% per year, payable quarterly if each index closes at or above its coupon barrier level on determination date for that quarter
|
| Price: | Par of $10
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| Payout at maturity: | Par plus final coupon unless any index finishes below barrier level, in which case 1% loss for each 1% decline of worst performing index
|
| Call option: | At par plus any coupon on any coupon date beginning June 11, 2018
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| Initial levels: | 2,629.27 for S&P, 1,508.883 for Russell, 3,561.57 for Stoxx
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| Coupon barrier levels: | 1,840.489 for S&P, 1,056.218 for Russell, 2,493.099 for Stoxx; 70% of initial levels
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| Barrier levels: | 1,577.562 for S&P, 905.330 for Russell, 2,136.942 for Stoxx 60% of initial levels
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| Pricing date: | Dec. 7
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| Settlement date: | Dec. 12
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| Underwriter: | Goldman, Sachs & Co.
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| Fees: | 1.25%
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| Cusip: | 36254F525
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