Published on 6/30/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $5 million contingent coupon autocallables linked to four stocks
By Wendy Van Sickle
Columbus, Ohio, June 30 – GS Finance Corp. priced $5 million of autocallable contingent coupon notes due June 30, 2025 linked to the stocks of Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 12% if each stock closes at or above its coupon barrier level, 65% of its initial share price, on the observation date for that quarter.
Beginning in December, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its trigger level, 60% of its initial level, in which case investors will be exposed to the decline of the least-performing stock.
The notes are guaranteed by Goldman Sachs Group, Inc.
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: | Autocallable contingent coupon notes
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| Underlying stocks: | Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Microsoft Corp.
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| Amount: | $5 million
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| Maturity: | June 30, 2025
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| Coupon: | 12%, payable quarterly if each stock closes at or above coupon barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below trigger level, in which case exposure to decline of least-performing stock
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| Call: | Beginning in December, automatically at par if each stock closes at or above initial share price on any quarterly observation date
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| Initial share prices: | $2,713.92 for Amazon, $239.22 for Facebook, $1,451.86 for Alphabet and $200.57 for Microsoft
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| Coupon barrier levels: | 65% of initial share prices
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| Trigger levels: | 60% of initial share prices
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| Pricing date: | June 22
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| Settlement date: | June 25
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 4.35%
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| Cusip: | 40057CBU4
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