Published on 1/16/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $850,000 callable contingent coupon notes on Dow, Russell, S&P
By Kiku Steinfeld
Chicago, Jan. 19 – GS Finance Corp. priced $850,000 of callable contingent coupon index-linked notes due Jan. 17, 2023 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 6.5% if each index closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after six months.
If the notes are not redeemed early, the payout will be par plus the final coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon index-linked notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $850,000
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| Maturity: | Jan. 17, 2023
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| Contingent coupon: | 6.5% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date after six months
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| Initial levels: | 2,091.659 for Russell, 31,097.97 for Dow, 3,824.68 for S&P
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| Coupon barriers: | 60% of initial levels
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| Barrier levels: | 60% of initial levels
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| Pricing date: | Jan. 8
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| Settlement date: | Jan. 13
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.625%
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| Cusip: | 40057F2W3
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