Published on 4/25/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $3.4 million step down trigger autocallable notes on three indexes
By William Gullotti
Buffalo, N.Y., April 25 – GS Finance Corp. priced $3.4 million of 0% step down trigger autocallable notes due July 8, 2026 linked to the least performing of the Euro Stoxx 50 index, the S&P MidCap 400 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 11.5% if each index closes at or above its initial level on any quarterly observation date after one year.
If the notes are not called, the payout at maturity will be par plus 34.5% unless any index finishes below its 70% downside threshold, in which case investors will be fully exposed to the decline of the worst performing index from its initial level.
The guarantor is Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter with UBS Financial Services Inc. as the selling agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Step down trigger autocallable notes
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| Underlying indexes: | S&P 500 index, S&P MidCap 400 index, Euro Stoxx 50 index
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| Amount: | $3,400,100
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| Maturity: | July 8, 2026
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above 70% downside threshold, par plus 34.5%; otherwise, 1% loss for each 1% decline of worst performing index from initial level
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| Call: | At par plus 11.5% per year if each index closes at or above its call threshold level on any quarterly observation date after one year
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| Initial levels: | 4,151.32 for S&P 500, 2,508.42 for S&P MidCap, 4,367.61 for Stoxx
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| Downside thresholds: | 2,905.924 for S&P 500, 1,755.894 S&P MidCap, 3,057.327 for Stoxx; 70% of initial levels
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| Strike date: | April 17
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| Pricing date: | April 19
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| Settlement date: | April 21
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| Agent: | Goldman Sachs & Co. LLC
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| Underwriter: | UBS Financial Services Inc.
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| Fees: | None
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| Cusip: | 36265J508
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