Published on 2/21/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $7.58 million contingent income autocalls on stocks
By Taylor Fox
New York, Feb. 22 – GS Finance Corp. priced $7.58 million of contingent income autocallable securities due Feb. 1, 2024 linked to the common stocks of Apple Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 11.35% if the lowest performing stock closes at or above the 70% downside threshold on the related quarterly determination date.
The notes will be called at par of $10 plus the contingent coupon if the lowest performing stock closes at or above its initial price on any quarterly determination date after six months.
The payout at maturity will be par plus any final coupon unless the lowest performing stock finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% share price decline of the worst performer.
Goldman Sachs & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | Apple Inc., Alphabet Inc. and Microsoft Corp.
|
| Amount: | $7,575,000
|
| Maturity: | Feb. 1, 2024
|
| Coupon: | 11.35% per year, payable each quarter that stock closes at or above coupon threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If lowest performing stock finishes at or above downside threshold, par plus any final coupon; otherwise, full exposure to share price decline of the worst performer
|
| Call: | At par plus contingent coupon if lowest performing stock closes at or above initial price on any determination date
|
| Initial share prices: | $142.06 for Apple, $1,818.94 for Alphabet and $232.90 for Microsoft
|
| Coupon threshold levels: | $99.442 for Apple, $1,273.258 for Alphabet and $163.03 for Microsoft, 70% of initial levels
|
| Downside thresholds: | $85.236 for Apple, $1,091.364 for Alphabet and $139.74 for Microsoft, 60% of initial levels
|
| Pricing date: | Jan. 27
|
| Settlement date: | Feb. 1
|
| Agent: | Goldman Sachs & Co. LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.75%
|
| Cusip: | 36259U618
|
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