Published on 12/21/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $2.36 million autocallable buffered notes linked to bank stocks, ETF
By Angela McDaniels
Tacoma, Wash., Dec. 21 – GS Finance Corp. priced $2.36 million of 0% autocallable buffered basket-linked notes due April 7, 2025 linked to a basket holding equal weights of the common stocks of Bank of America Corp., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co. and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 15.25% if the basket’s closing level on April 1, 2024 is greater than or equal to the initial basket level.
If the notes are not called and the basket return is positive or zero, the payout at maturity will be par plus 1.5 times the basket return.
If the basket return is negative but not below negative 10%, the payout will be par plus the absolute value of the basket return.
If the basket return is below negative 10%, investors will lose 1% for every 1% that the basket declines beyond 10%.
The notes are guaranteed by Goldman Sachs Group, Inc.
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 buffered basket-linked notes
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| Underlying assets: | Bank of America Corp., JPMorgan Chase & Co., Morgan Stanley, Wells Fargo & Co. and Financial Select Sector SPDR fund, equally weighted
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| Amount: | $2,359,000
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| Maturity: | April 7, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If basket return is positive or zero, par plus 1.5 times basket return; if basket return is negative but not below negative 10%, par plus absolute value of basket return; otherwise, 1% loss for every 1% that basket declines beyond 10%
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| Call: | Automatically at par plus 15.25% if basket’s closing level on April 1, 2024 is greater than or equal to initial basket level
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| Initial levels: | $28.30 for Bank of America, $128.75 for JPMorgan, $86.11 for Morgan Stanley, $37.38 for Wells Fargo and $31.80 for ETF
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| Buffer level: | 90% of initial level
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| Pricing date: | March 30, 2023
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| Settlement date: | April 4, 2023
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.8%
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| Cusip: | 40057R5K0
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