Published on 7/10/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $6.17 million contingent income callable notes linked to indexes
By Sarah Lizee
Olympia, Wash., July 10 – GS Finance Corp. priced $6.17 million of contingent income callable securities due July 6, 2022 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 14.25% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the coupon observation date that quarter.
The notes are callable at par plus the coupon, if any, on any quarterly coupon payment date other than the final one.
If each index finishes at or above its downside threshold level, 70% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to decline of the least-performing index from its initial level.
The notes are guaranteed by Goldman Sachs Group Inc.
Goldman Sachs & Co. LLC is the underwriter. Morgan Stanley Wealth Management is the dealer.
Issuer: | GS Finance Corp.
|
Guarantor: | Goldman Sachs Group Inc.
|
Issue: | Contingent income callable securities
|
Underlying indexes: | Nasdaq-100, S&P 500 and Russell 2000
|
Amount: | $6,174,000
|
Maturity: | July 6, 2022
|
Coupon: | 14.25% per year, payable quarterly if each index closes at or above coupon barrier level on coupon observation date that quarter
|
Price: | Par
|
Payout at maturity: | If each index finishes at or above downside threshold level, par plus coupon, if any; otherwise, full exposure to least-performing index’s decline from initial level
|
Call option: | Callable at par plus coupon on any quarterly coupon payment date except final one
|
Initial levels: | 3,100.29 for S&P, 1,441.365 for Russell and 10,156.85 for Nasdaq
|
Coupon barriers: | 2,170.203 for S&P, 1,008.9555 for Russell and 7,109.795 for Nasdaq; 70% of initial levels
|
Downside thresholds: | 2,170.203 for S&P, 1,008.9555 for Russell and 7,109.795 for Nasdaq; 70% of initial levels
|
Pricing date: | June 30
|
Settlement date: | July 6
|
Underwriter: | Goldman Sachs & Co. LLC
|
Dealer: | Morgan Stanley Wealth Management
|
Fees: | 2.175%
|
Cusip: | 40057CCF6
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.