Published on 6/6/2021 in the Prospect News Structured Products Daily.
New Issue: GS prices $3.07 million autocallable contingent coupon equity notes on tech stocks
By William Gullotti
Buffalo, N.Y., June 7 – GS Finance Corp. priced $3.07 million of autocallable contingent coupon equity-linked notes due May 19, 2026 linked to the common stocks of Netflix, Inc., Amazon.com, Inc. and Facebook, Inc. and Tesla, Inc., 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 22% if each stock closes above its coupon barrier price, 60% of its initial price, on a related determination date.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and the final share price of each stock is greater than or equal to its coupon barrier price, 60% of its initial level, the payout at maturity will be par. If any stock lags below the coupon barrier, but no farther than the 50% final barrier, the payout will be par. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Netflix, Inc., Amazon.com, Inc., Facebook, Inc., Tesla, Inc.
|
| Amount: | $3,072,000
|
| Maturity: | May 19, 2026
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| Coupon: | 22% annual rate; payable quarterly if closing price of each stock is greater than or equal to coupon barrier on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due if each stock closes at or above 60% of its initial share price; otherwise, full exposure to decline of least performing stock
|
| Call: | At par if closing share price of least performing stock is greater than or equal to its initial share price on any quarterly observation date after six months
|
| Initial share prices: | $3,151.94 for Amazon, $484.98 for Netflix, $302.55 for Facebook, $589.89 for Tesla
|
| Coupon barrier levels: | 60% of initial levels
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| Final barrier levels: | 50% of initial levels
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| Pricing date: | May 12
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| Settlement date: | May 17
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 3.25%
|
| Cusip: | 40057HBS8
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