Published on 3/10/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $20.65 million contingent income autocalls on three bank stocks
By Wendy Van Sickle
Columbus, Ohio, March 10 – GS Finance Corp. priced $20.65 million of contingent income autocallable securities due March 7, 2024 linked to the stocks of Fifth Third Bancorp, Citizens Financial Group, Inc. and Signature Bank, 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 20.25% if the lowest performing stock closes at or above the 70% coupon threshold on the related quarterly determination date.
The notes will be called at par of $10 plus the contingent coupon if the lowest performing stock closes at or above its initial price on any quarterly determination date after six months.
If the lowest performing stock finishes at or above the 70% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% share price decline of the worst performer from its initial price.
Goldman Sachs & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent income autocallable securities
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| Underlying stocks: | Fifth Third Bancorp, Citizens Financial Group, Inc., Signature Bank
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| Amount: | $20,652,000
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| Maturity: | March 7, 2024
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| Coupon: | 20.25% per year, payable each quarter that stock closes at or above coupon threshold level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If lowest performing stock finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to share price decline of the worst performer from its initial price
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| Call: | At par plus contingent coupon if lowest performing stock closes at or above initial price on any quarterly determination date after six months
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| Initial share prices: | $44.55 for Fifth Third, $48.17 for Citizens Financial Group, $304.83 for Signature Bank
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| Coupon threshold levels: | $31.185 for Fifth Third, $33.719 for Citizens Financial Group, $213.381 for Signature Bank; 70% of initial levels
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| Downside thresholds: | $31.185 for Fifth Third, $33.719 for Citizens Financial Group, $213.381 for Signature Bank; 70% of initial levels
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| Pricing date: | March 4
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| Settlement date: | March 9
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| Agent: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2%
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| Cusip: | 36261Y730
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