US Wrap: Goldman Sachs offers leveraged note
Goldman Sachs has launched a leveraged buffered equity note linked to the S&P 500 index, on what has been a quiet day for US issuance after yesterday's flurry of reverse convertible launches. Morgan Stanley, the only other issuer to place a trade, has offered a principal protected product, which also references the S&P 500.
The leveraged buffer note is an 18-month, non-principal protected trade which is designed to offer 300% participation in the underlying index subject to a 28.5-33% maximum return. The principal is not protected at maturity if the index falls by more than the buffer level (15%) below the initial strike. If the index does fall below the 15% buffer capital is lost on a 1.1765:1 basis.
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