Published on 11/16/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $5 million trigger callable contingent yield notes on stocks
By Taylor Fox
New York, Nov. 16 – GS Finance Corp. priced $5 million of trigger callable contingent yield notes due Nov. 1, 2023 linked to the least performing of the shares of Amazon.com, Inc., Microsoft Corp., Alphabet Inc. Facebook, Inc. and Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 32.35% per year if each stock’s closing level is at or above its coupon barrier level, 70% of its initial level, on the determination date that quarter.
The notes will be callable at par of $10 plus any coupon on each quarterly observation date.
If the notes are not called and each stock finishes at or above its 70% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing stock’s final level is below its initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
UBS Financial Services Inc. and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger callable contingent yield securities
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| Underlying stocks: | Amazon.com, Inc., Microsoft Corp., Alibaba Group Holding Ltd., Alphabet Inc. and Facebook, Inc.
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| Amount: | $5 million
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| Maturity: | Nov. 1, 2023
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| Coupon: | 32.35% per year, payable each quarter that each stock closes at or above its coupon barrier on determination date that quarter
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| Price: | Par of $10
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| Payout at maturity: | If each stock finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing stock’s final level is below initial level
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| Call option: | At par plus any coupon on any quarterly observation date
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| Initial levels: | $3,162.78 for Amazon, $202.68 for Microsoft, $307.94 for Alibaba, $1,510.80 for Alphabet and $267.67 for Facebook
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| Coupon barriers: | $2,213.95 for Amazon, $141.88 for Microsoft, $215.56 for Alibaba, $1,057.56 for Alphabet and $187.37 for Facebook; 70% of initial levels
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| Downside thresholds: | $2,213.95 for Amazon, $141.88 for Microsoft, $215.56 for Alibaba, $1,057.56 for Alphabet and $187.37 for Facebook; 70% of initial levels
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| Pricing date: | Oct. 29
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| Settlement date: | Oct. 30
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| Agent: | UBS Financial Services Inc. and Goldman Sachs & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 36259Q344
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