Published on 2/26/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.03 million autocallable notes linked to four stocks
By Kiku Steinfeld
Chicago, Feb. 26 – GS Finance Corp. priced $1.03 million autocallable equity-linked notes due Feb. 21, 2025 linked to the least performing of the shares of Shopify Inc., PayPal Holdings, Inc., Spotify Technology SA Inc. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus an annual 42% premium if the worst-performing stock closes at or above 90% of its closing price on any semiannual observation date after one year.
If the notes are not called and the final price each stock is at least 90% of its initial price, the payout at maturity will be par plus 168%. If the final price of each stock is greater than the 50% trigger buffer price, but the final price of any stock is less than 90%, the payout will be par. Otherwise, investors will be exposed to the decline of the worst performing stock.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable equity-linked notes
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| Underlying stocks: | PayPal Holdings, Inc., Spotify Technology SA, Inc. and Nvidia Corp.
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| Amount: | $1,029,000
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| Maturity: | Feb. 21, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above 90% of initial price, par plus 168%; if the final price of each stock is greater than the 50% trigger buffer price, but the final price of any stock is less than 90% of initial price, the payout will be par; otherwise, 1% loss for every 1% that least-performing stock’s final level is below initial level
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| Call: | At par plus 42% annual premium if each stock closes at or above 90% of its closing level on any semiannual observation date after one year
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| Initial levels: | $1,474 for Shopify, $304.79 for PayPal, $353.73 for Spotify and $613.21 for Nvidia
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| Downside thresholds: | 90% of initial levels
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 19
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 1.8%
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| Cusip: | 40057FGL2
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