Published on 10/14/2021 in the Prospect News Structured Products Daily.
New Issue: GS prices $4.19 million autocallable contingent coupon equity notes on four stocks
By William Gullotti
Buffalo, N.Y., Oct. 14 – GS Finance Corp. priced $4.19 million of autocallable contingent coupon equity-linked notes due Oct. 18, 2027 linked to the stocks of Tesla, Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, 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 14% 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 plus coupon 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, the payout at maturity will be par.
If the worst performer lags below its coupon barrier but finishes at or above the 50% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the share price of the worst performer 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: | Tesla, Inc., Amazon.com, Inc., Facebook, Inc., Netflix, Inc.
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| Amount: | $4,186,000
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| Maturity: | Oct. 18, 2027
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| Coupon: | 14% 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: | If each index finishes at or above coupon barrier, par plus final coupon; if the worst performer lags below coupon barrier but finishes at or above final barrier, par; otherwise, lose 1% for every 1% decline of the worst performer from its 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 after six months
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| Initial share prices: | $785.49 for Tesla, $3,288.62 for Amazon, $330.05 for Facebook, $632.66 for Netflix
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| Coupon barrier prices: | 60% of initial levels
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| Final barrier prices: | 50% of initial levels
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| Pricing date: | Oct. 8
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| Settlement date: | Oct. 14
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 4.25%
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| Cusip: | 40057JRC2
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