Published on 2/26/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.44 million autocallable contingent coupon notes on indexes, ETF
By Kiku Steinfeld
Chicago, Feb. 26 – GS Finance Corp. priced $3.44 million of autocallable contingent coupon notes due Feb. 25, 2025 linked to the Dow Jones industrial average, the VanEck Vectors Gold Miners exchange-traded fund and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon of 10.35% per annum if each index closes at or above its 70% coupon trigger level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par plus the coupon, if any, unless any index finishes below its trigger level, 60% of its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying assets: | Dow Jones industrial average, VanEck Vectors Gold Miners ETF, Nasdaq-100 index
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| Amount: | $3,437,000
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| Maturity: | Feb. 25, 2025
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| Contingent coupon: | 10.35% annualized, payable quarterly if each index closes at or above coupon trigger level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus the coupon, if any, unless any index finishes below trigger level, in which case investors will be fully exposed to the decline of the least performing index from its initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after one year
|
| Initial index levels: | 29,219.98 for Dow, 9,627.830 for Nasdaq, $29.75 for ETF
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| Coupon trigger levels: | 20,453.986 for Dow, 6,739.481 for Nasdaq, $20.825 for ETF;70% of initial levels
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| Trigger levels: | 17,531.988 for Dow, 5,776.698 for Nasdaq, $17.850 for ETF; 60% of initial levels
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| Pricing date: | Feb. 20
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| Settlement date: | Feb. 25
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1.125%
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| Cusip: | 17327TN93
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