Published on 4/4/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.62 million callable contingent coupon notes on S&P, Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, April 4 – GS Finance Corp. priced $1.62 million of callable contingent coupon notes due March 29, 2023 linked to the Russell 2000 index, 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 60% of its initial level on the observation date that quarter.
The notes are callable at par on any coupon payment date after one six months.
The payout at maturity will be par plus the final coupon, if any, unless either index falls by more than 40%, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
Goldman Sachs & Co. is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000, S&P 500 and Euro Stoxx 50
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Amount: | $1,615,000
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Maturity: | March 29, 2023
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Coupon: | 7% per year, payable each quarter that each index closes at or above 60% of initial level on observation date that quarter
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Price: | Par
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Payout at maturity: | Par plus final coupon, if any, unless either index falls by more than 40%, in which case 1% loss for every 1% that lesser-performing index declines from initial level
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Call option: | At par on any coupon payment date after six months
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Initial index levels: | 1,513.566 for Russell, 2,612.62 for S&P, 3,316.95 for Euro Stoxx
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Coupon triggers: | 921.8844 for Russell, 1,646.568 for S&P, 2,074.818 for Euro Stoxx, 60% of initial levels
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Pricing date: | March 27
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Settlement date: | March 29
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Underwriter: | Goldman Sachs & Co.
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Fees: | 3.85%
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Cusip: | 40055ARX7
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