By Wendy Van Sickle
Columbus, Ohio, April 11 – GS Finance Corp. priced $1.59 million of callable contingent coupon ETF-linked notes due Oct. 9, 2025 linked to the VanEck Vectors Gold Miners ETF and iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 10.2% if each ETF closes at or above its 70% coupon trigger level on the determination date for that period.
The notes may be callable at par plus any contingent coupon due at the issuer’s option on any coupon payment date after six months.
If the notes are not called, the payout will be par unless either fund falls beyond 35%, in which case investors will be fully exposed to the decline of the lesser performing fund.
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: | Callable contingent coupon ETF-linked notes
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
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| Amount: | $1,589,000
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| Maturity: | Oct. 9, 2025
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| Contingent coupon: | 10.2% per year, payable quarterly if each ETF closes at or above coupon trigger level on determination date
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| Price: | Par
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| Payout at maturity: | Par unless either fund falls beyond 35%, in which case investors will be fully exposed to the decline of the lesser performing fund
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| Call: | At par plus any contingent coupon at issuer’s option on any coupon payment date after six months
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| Initial ETF levels: | $22.97 for silver ETF, $187.98 for gold ETF
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| Coupon trigger levels: | 70% of initial levels
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| Buffer levels: | 65% of initial levels
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| Pricing date: | April 4
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| Settlement date: | April 10
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 40057RF86
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