Published on 9/5/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $5.05 million buffer autocallable gears tied to weighted index basket
By William Gullotti
Buffalo, N.Y., Sept. 5 –GS Finance Corp. priced $5.05 million of 0% buffer gears due Aug. 31, 2028 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 is composed of the Euro Stoxx 50 index with a 40% weight, the Nikkei 225 index with a 25% weight, the FTSE 100 index with a 17.5% weight, the Swiss Market index with a 10% weight and the S&P/ASX 200 index with a 7.5% weight.
The notes will be called automatically at par plus 8% if the basket closes at or above its initial level on Sept. 4, 2024.
If the basket return is greater than zero, the payout at maturity will be par of $10 plus 2.965 times the basket return.
Investors will receive par if the basket declines by 20% or less and will lose 1% for every 1% that the basket declines beyond 20%.
Goldman Sachs & Co. LLC is the underwriter with UBS Financial Services Inc. as selling agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Buffer autocallable gears
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| Underlying basket: | Euro Stoxx 50 index (40% weight), Nikkei 225 index (25% weight), FTSE 100 index (17.5% weight), Swiss Market index (10% weight), S&P/ASX 200 index (7.5% weight)
|
| Amount: | $5,054,180
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| Maturity: | Aug. 31, 2028
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| Coupon: | 0%
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| Price: | Par of $10
|
| Payout at maturity: | If basket return is greater than zero, par plus 2.965 times basket return; par if basket declines by 20% or less; 1% loss for every 1% that basket declines beyond 20%
|
| Call: | Automatically at par plus 8% if basket closes at or above initial level on Sept. 4, 2024
|
| Initial levels: | 4,326.47 for Stoxx, 32,226.97 for Nikkei, 7,464.99 for FTSE, 11,106.24 for Swiss Market, 7,210.46 for S&P/ASX 200
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| Buffer level: | 80% of initial level
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| Pricing date: | Aug. 29
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| Settlement date: | Aug. 31
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| Underwriter: | Goldman Sachs & Co. LLC with UBS Financial Services Inc. as selling agent
|
| Fees: | 2.5%
|
| Cusip: | 36265J888
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