Published on 10/26/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.62 million callable contingent coupon notes on S&P, Russell, Nasdaq
By Taylor Fox
New York, Oct. 26 – GS Finance Corp. priced $1.62 million of callable contingent coupon index-linked notes due Sept. 28, 2023 linked to the lesser performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, 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 annual rate of 5% if each index closes at or above its coupon barrier, 50% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any coupon payment date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below its 50% barrier, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon index-linked notes
|
| Indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $1,623,000
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| Maturity: | Sept. 28, 2023
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| Coupon: | 5% annual rate, payable quarterly if each index closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any coupon payment date after six months
|
| Payout at maturity: | Par plus coupon if all indexes finish above barrier levels; otherwise 1% for each 1% decline of worse performing index from initial level
|
| Initial levels: | 3,236.92 for S&P, 10,833.33 for Nasdaq and 1,451.458 for Russell
|
| Coupon barriers: | 50% of initial levels
|
| Barrier values: | 50% of initial levels
|
| Pricing date: | Sept. 23
|
| Settlement date: | Sept. 28
|
| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 2%
|
| Cusip: | 40057CXD8
|
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