Published on 8/1/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $101,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., Aug. 1 – GS Finance Corp. priced $101,000 of callable contingent coupon notes due July 31, 2029 linked to the Euro Stoxx 50 index, 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 quarter, the notes pay a contingent coupon if each index’s closing level is greater than or equal to 75% of its initial level on the observation date for that period. The contingent coupon rate will be 8.5% per year.
The notes are callable at par plus any coupon on any coupon payment date.
The payout at maturity will be par plus any coupon due unless any index finishes below its 60% trigger level, in which case investors will be fully exposed to the decline of the least performing index.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Euro Stoxx 50, Russell 2000 and S&P 500
|
| Amount: | $101,000
|
| Maturity: | July 31, 2029
|
| Coupon: | 8.5% per year, payable each quarter that each index’s closing level is greater than or equal to 75% of initial level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due unless any index finishes below its 60% trigger level, in which case investors will be fully exposed to the decline of the least performing index
|
| Call option: | At par plus any coupon due on any coupon payment date
|
| Initial index levels: | 3,020.97 for S&P, 3,523.58 for Stoxx, 1,569.025 for Russell
|
| Coupon trigger levels: | 60% of initial levels
|
| Trigger buffer levels: | 60% of initial levels
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| Pricing date: | July 29
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| Settlement date: | July 31
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 4.46%
|
| Cusip: | 40056FRS6
|
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