Published on 12/29/2015 in the Prospect News Structured Products Daily.
New Issue: Goldman Sachs sells $1.22 million range accrual notes on Russell 2000
By Devika Patel
Knoxville, Tenn., Dec. 29 – Goldman Sachs Group, Inc. priced $1,224,000 of callable monthly Russell 2000 index-linked range accrual notes due Dec. 29, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 7.25% per year multiplied by the proportion of days on which the index closes at or above the barrier level, 70% of the initial index level. Interest is payable monthly, beginning Jan. 29, 2016.
If the final index level is greater than or equal to 50% of the initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index decline.
Beginning Dec. 29, 2016, the notes will be callable in whole but not in part at par on any interest payment date.
Goldman Sachs & Co. is the underwriter.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Callable monthly range accrual notes
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Underlying index: | Russell 2000
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Amount: | $1,224,000
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Maturity: | Dec. 29, 2025
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Coupon: | 7.25% per year multiplied by proportion of days on which index closes at or above barrier level; payable monthly
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Price: | Par
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Payout at maturity: | Par if the index final index level is greater than or equal to 50% of the initial level, otherwise, investors will be fully exposed to declines
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Call option: | In whole but not in part at par on any interest payment date beginning Dec. 29, 2016
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Initial index level: | 1,152.817
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Coupon barrier level: | 806.9719, 70% of initial level
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Trigger buffer level: | 576.4085, 50% of initial level
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Pricing date: | Dec. 23
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Settlement date: | Dec. 29
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Underwriter: | Goldman Sachs & Co.
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Fees: | 4.65%
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Cusip: | 38148TJW0
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