Published on 3/25/2024 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $9.82 million buffer autocallable gears tied to weighted index basket
By William Gullotti
Buffalo, N.Y., March 25 – GS Finance Corp. priced $9.82 million of 0% buffer gears due March 22, 2027 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 12% if the basket closes at or above its initial level on March 25, 2025.
If the basket return is greater than zero, the payout at maturity will be par of $10 plus 1.895 times the basket return.
Investors will receive par if the basket declines by 10% or less and will lose 1% for every 1% that the basket declines beyond 10%.
Goldman Sachs & Co. LLC is the underwriter with UBS Financial Services Inc. as selling agent.
Issuer: | GS Finance Corp.
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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)
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Amount: | $9,817,900
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Maturity: | March 22, 2027
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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 greater than zero, par plus 1.895 times basket return; par if basket declines by 10% or less; 1% loss for every 1% that basket declines beyond 10%
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Call: | Automatically at par plus 12% if basket closes at or above initial level on March 25, 2025
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Initial levels: | 4,982.76 for Stoxx, 39,740.44 for Nikkei, 7,722.55 for FTSE, 11,623.63 for Swiss Market, 7,675.845 for S&P/ASX 200
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Buffer level: | 90% of initial level
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Pricing date: | March 18
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Settlement date: | March 20
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Underwriter: | Goldman Sachs & Co. LLC with UBS Financial Services Inc. as selling agent
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Fees: | 2.5%
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Cusip: | 36267H526
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