Published on 6/30/2021 in the Prospect News Structured Products Daily.
New Issue: GS prices $1.47 million autocallable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., June 30 – GS Finance Corp. priced $1.47 million of autocallable contingent coupon equity-linked notes due June 30, 2027 linked to the stocks of Amazon.com, Inc., Apple Inc. and Facebook, Inc. and Boeing Co., 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 11.75% if each stock closes above its coupon barrier price, 70% of its initial price, on a related determination date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial share price on any quarterly call observation date.
If the notes are not called and the final share price of each stock is greater than or equal to its 70% coupon barrier price, the payout at maturity will be par plus the final coupon. If the least performing stock closes below the coupon barrier but at or above the 60% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock from its initial share price.
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 equity-linked securities
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| Underlying stocks: | Amazon.com, Inc., Apple Inc., Facebook, Inc., Boeing Co.
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| Amount: | $1,474,000
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| Maturity: | June 30, 2027
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| Coupon: | 11.75% annual rate; payable quarterly if closing price of each stock is greater than or equal to coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock closes at or above 70% of initial share price; if the least performing stock closes at or above 60% of its initial share price, par; otherwise, full exposure to decline of least performing stock from initial share price
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| Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any quarterly observation date
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| Initial share prices: | $133.70 for Apple, $3,503.82 for Amazon, $340.59 for Facebook, $243.57 for Boeing
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| Coupon barrier prices: | 70% of initial levels
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| Final barrier prices: | 60% of initial levels
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 4.25%
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| Cusip: | 40057HNQ9
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