Published on 10/11/2016 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $29.47 million dual directional trigger PLUS on S&P 500
By Marisa Wong
Morgantown, W.Va., Oct. 11 – GS Finance Corp. priced $29.47 million of 0% dual directional trigger Performance Leveraged Upside Securities due Oct. 3, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If the index finishes at or above the initial level, the payout at maturity will be par plus 200% of the index gain, up to a maximum return of 26.2%.
If the index falls by up to 20%, the payout at maturity will be par plus the absolute value of the index return.
If the index finishes below the 80% trigger level, investors will be fully exposed to any losses.
Goldman Sachs & Co. is the underwriter with Morgan Stanley Smith Barney LLC as dealer.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Dual directional trigger Performance Leveraged Upside Securities
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Underlying index: | S&P 500
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Amount: | $29,472,050
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Maturity: | Oct. 3, 2019
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index finishes at or above initial level, par plus 200% of the index gain, up to a maximum return of 26.2%; if index falls by up to 20%, par plus absolute value of index return; if index finishes below trigger level, investors will be fully exposed to any losses
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Initial level: | 2,168.27
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Trigger level: | 1,734.616, 80% of initial level
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Pricing date: | Sept. 30
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Settlement date: | Oct. 5
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Underwriter: | Goldman Sachs & Co.
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Dealer: | Morgan Stanley Smith Barney LLC
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Fees: | 3.175%
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Cusip: | 36250Y601
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