Published on 1/4/2018 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.74 million contingent coupon autocallables on Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, Jan. 4 – GS Finance Corp. priced $1.74 million of autocallable contingent coupon notes due Jan. 3, 2028 linked to the Euro Stoxx 50 index and the Russell 2000 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 will pay a contingent coupon at the rate of 7.5% per year if each index closes at or above 72.5% of its initial level on the observation date for that quarter.
The notes will be automatically called at par 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 final coupon, if any, unless either index falls by more than 50%, in which case investors will be fully exposed to the decline of the lesser-performing index from its initial level.
Goldman Sachs & Co. 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 indexes: | Euro Stoxx 50 index, Russell 2000 index
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Amount: | $1,738,000
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Maturity: | Jan. 3, 2028
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Coupon: | 7.5% annualized, payable quarterly if each index closes at or above coupon barrier on review date that quarter
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Price: | Par
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Call: | Automatically at par if each index closes at or above its initial level on any quarterly call observation date after a year
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Payout at maturity: | Par unless either index falls by more than 50%, in which case investors will be fully Initial levels: | 1,543.937 for Russell 2000 and 3,550.17 for Stoxx
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Coupon barriers: | 1,119.354325 for Russell 2000 and 2,573.87325 for Stoxx, 72.5% of initial levels
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Pricing date: | Dec. 27
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Settlement date: | Dec. 29
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 4.6%
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