Published on 6/20/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $500,000 callable contingent coupon notes on indexes
By Sarah Lizee
Olympia, Wash., June 20 – GS Finance Corp. priced $500,000 of callable contingent coupon notes due June 21, 2024 linked to the Nasdaq-100 index, the Russell 2000 index and 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.
Each quarter, the notes pay a contingent coupon if each index’s closing level is greater than or equal to 70% of its initial level on the observation date for that period. The contingent coupon rate will be 7.65% per year.
Beginning in June 2020, the notes are callable at par on any coupon payment date.
The payout at maturity will be par unless any index finishes below its 60% trigger level, in which case investors will be fully exposed to the decline of the least performing index.
Goldman Sachs & Co. LLC is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Nasdaq-100, Russell 2000 and S&P 500
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Amount: | $500,000
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Maturity: | June 21, 2024
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Coupon: | 7.65% per year, payable each quarter that each index’s closing level is greater than or equal to 70% of initial level on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below 60% of its initial level, in which case investors will be fully exposed to any losses of the least performing index
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Call option: | Beginning in June 2020, at par on any coupon payment date
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Initial index levels: | 7,635.400 for Nasdaq, 1,550.229 for Russell and 2,917.75 for S&P
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Pricing date: | June 18
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Settlement date: | June 21
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Underwriter: | Goldman Sachs & Co. LLC
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Fees: | 0.85%
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Cusip: | 40056FP74
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