Published on 5/16/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.25 million callable contingent coupon notes linked to indexes, EM ETFs
By Angela McDaniels
Tacoma, Wash., May 16 – GS Finance Corp. priced $1.25 million of callable contingent coupon notes due May 19, 2025 linked to the iShares MSCI Emerging Markets exchange-traded fund, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each month, the notes pay a contingent coupon at an annual rate of 3.4% if each underlying’s closing level is greater than or equal to 70% of its initial level on the observation date for that month.
Beginning in November 2019, the notes are callable at par on any coupon payment date.
The payout at maturity will be par unless any underlying declines by more than 40%, in which case investors will lose 1% for every 1% that the least-performing underlying declines from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
|
| Underlyings: | iShares MSCI Emerging Markets ETF, Russell 2000 index and S&P 500 index
|
| Amount: | $1,248,000
|
| Maturity: | May 19, 2025
|
| Coupon: | 3.4%, payable month if each underlying’s closing level is greater than or equal to 70% of initial level on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par unless any underlying declines by more than 40%, in which case 1% loss for every 1% that least-performing underlying declines from initial level
|
| Call option: | Beginning in November 2019, notes are callable at par on any coupon payment date
|
| Initial levels: | $41.15 for ETF, 1,543.058 for Russell 2000 and 2,834.41 for S&P 500
|
| Pricing date: | May 14
|
| Settlement date: | May 17
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 0.975%
|
| Cusip: | 40056FHF5
|
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