Published on 3/29/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2.17 million callable contingent coupon notes on indexes, ETF
Chicago, March 30 – GS Finance Corp. priced $2.17 million of callable contingent coupon underlier-linked notes due March 21, 2024 linked to the Dow Jones industrial average, the S&P 500 index and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each month, the notes pay a contingent coupon at an annualized rate of 17.398% if each underlier closes at or above 60% of its initial level on every day that period.
The notes are callable at par plus any coupon on any quarterly coupon payment date after one year.
If the notes are not redeemed early, the payout at maturity will be par plus any coupon unless any underlier finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing underlier.
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: | Callable contingent coupon underlier-linked notes
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| Underlying underliers: | Dow Jones industrial average, the S&P 500 index and the Financial Select Sector SPDR fund
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| Amount: | $2,165,000
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| Maturity: | March 21, 2024
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| Coupon: | 17.398% annualized, payable each month that each underlier closes at or above trigger level on every day that period
|
| Price: | Par
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| Payout at maturity: | Par plus coupon if any, unless any underlier finishes below trigger level, in which case full exposure to loss of least performing underlier
|
| Call option: | At par plus any coupon on any quarterly coupon payment date after one year
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| Initial index levels: | 19,898.92 for Dow, 2,398.10 for S&P, and $19.19 for ETF
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| Coupon trigger levels: | 60% of initial levels
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| Trigger buffer levels: | 60% of initial levels
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| Pricing date: | March 18
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| Settlement date: | March 23
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1%
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| Cusip: | 40056YVQ4
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