Published on 12/3/2014 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $3.67 million callable buffered monthly range accrual notes on S&P
By Marisa Wong
Madison, Wis., Dec. 3 – Goldman Sachs Group, Inc. priced $3.67 million of callable buffered monthly S&P 500 index-linked range accrual notes due May 28, 2022, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at 6% for each day that the index closes at or above the 80% coupon barrier level. Interest is payable monthly.
The payout at maturity will be par unless the index falls by more than 20%, in which case investors will lose 1% for each 1% index decline beyond the 20% buffer.
The notes will be callable at par on any interest payment date after one year.
Goldman Sachs & Co. is the underwriter.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Callable buffered monthly range accrual notes
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Underlying index: | S&P 500
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Amount: | $3,665,000
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Maturity: | May 28, 2022
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Coupon: | 6% annualized per day that index closes at or above coupon barrier level
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Price: | Par
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Payout at maturity: | Par unless index falls by more than 20%, in which case 1% loss for each 1% index decline beyond 20% buffer
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Call option: | At par on any interest payment date beginning Nov. 28, 2015
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Initial level: | 2,069.41
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Coupon barrier level: | 1,655.528, 80% of initial level
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Pricing date: | Nov. 24
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Settlement date: | Nov. 28
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Underwriter: | Goldman Sachs & Co.
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Fees: | 4.05%
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Cusip: | 38147QM94
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