By William Gullotti
Buffalo, N.Y., May 9 – GS Finance Corp. priced $1.13 million of autocallable contingent coupon ETF-linked notes due May 10, 2028 tied to the iShares Silver Trust and the VanEck Vectors Gold Miners ETF, 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 monthly coupon at an annual rate of 12.35% if each ETF closes at or above the coupon trigger level, 70% of the initial level, on the valuation date for that period.
The notes will be called at par plus a coupon if each ETF closes at or above its initial level on any monthly call observation date after one year.
If the notes are not called and each ETF finishes at or above its coupon trigger, the payout at maturity will be par plus the final coupon.
If the laggard ETF finishes below its coupon trigger but at or above 60% of initial value, the payout will be par.
Otherwise, investors will lose 1% for each 1% decline of the laggard ETF from its initial level.
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 contingent coupon ETF-linked notes
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Underlying ETFs: | iShares Silver Trust, VanEck Vectors Gold Miners ETF
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Amount: | $1,128,000
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Maturity: | May 10, 2028
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Coupon: | 12.35% annualized rate, payable monthly if each ETF closes at or above coupon trigger level on valuation date for that period
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Price: | Par
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Payout at maturity: | If each ETF finishes at or above coupon trigger level, par plus final coupon; if laggard ETF finishes below coupon trigger level but at or above trigger buffer level, par; otherwise, full exposure to decline of laggard ETF from initial level
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Call: | At par plus coupon if each ETF closes at or above its initial level on any monthly call observation date after one year
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Initial ETF levels: | $23.43 for iShares, $34.86 for VanEck
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Trigger buffer levels: | 60% of initial levels
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Coupon trigger levels: | 70% of initial levels
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Pricing date: | May 3
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Settlement date: | May 8
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 4.125%
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Cusip: | 40057RLA4
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