Published on 12/3/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $4.93 million trigger step securities tied to index basket
By Wendy Van Sickle
Columbus, Ohio, Dec. 3 – GS Finance Corp. priced $4.93 million of 0% trigger step securities due Nov. 28, 2025 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The basket consists of the Euro Stoxx 50 index with an initial weight of 40%, the FTSE 100 index and the Nikkei 225 index each with an initial weight of 20%, the Swiss Market index and the S&P/ASX 200 index each with an initial weight of 7.5% and the Hang Seng index with an initial weight of 5%.
If the index return is flat or positive, the payout at maturity will be par of $10 plus the greater of 30.5% and the basket return. Investors will receive par if the basket declines by 25% or less and will be fully exposed to the index’s decline from its initial level if it declines beyond 25%.
Goldman Sachs & Co. LLC and UBS Financial Services Inc. are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger step securities
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| Underlying indexes: | Euro Stoxx 50 (40% weight), FTSE 100 and Nikkei 225 (20% weight each), Swiss Market and S&P/ASX 200 (7.5% weight each) and Hang Seng (5% weight)
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| Amount: | $4,925,030
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| Maturity: | Nov. 28, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If basket return is flat or positive, par plus greater of 30.5% and basket return; par if basket declines by 25% or less; full exposure to decline from initial level if basket declines beyond 25%
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| Initial index levels: | 3,511.9 for Stoxx, 6,391.09 for FTSE, 26,296.86 for Nikkei, 10,488.27 for Swiss, 6,683.331 for S&P/ASX, 26,669.75 for Hang Seng
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| Downside threshold: | 75% of initial basket level
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| Pricing date: | Nov. 24
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| Settlement date: | Nov. 30
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| Agents: | Goldman Sachs & Co. LLC and UBS Financial Services Inc.
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| Fees: | 3.8%
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| Cusip: | 36259Q534
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