Published on 3/31/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $313,000 index-linked autocallables on Russell, Nasdaq-100 Technology
By Wendy Van Sickle
Columbus, Ohio, March 31 – GS Finance Corp. priced $313,000 of 0% index-linked notes due March 27, 2025 tied to the lesser performing of the Russell 2000 index and the Nasdaq-100 Technology Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be called at par plus 20% a year if both indexes close above their call level on any annual call date. The call level will be 105% of the initial level on the first call date, 102.5% on the second and equal to the initial level on the third call date and thereafter.
The payout at maturity will be par plus 100% if each index finishes at or above its initial level. If either index finishes below its initial level but neither index finishes below its 70% trigger level, the payout will be par. Otherwise, investors will be exposed to the decline of the lesser performing index.
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: | Index-linked autocallable notes
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| Underlying indexes: | Russell 2000, Nasdaq-100 Technology Sector
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| Amount: | $313,000
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| Maturity: | March 27, 2025
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Call: | At par plus 20% annualized call premium if both indexes close above their call level on any annual call date
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| Call level: | 105% of initial level on first call date, 102.5% on second and equal to initial level on third call date and thereafter
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| Payout at maturity: | Par plus 100% if each index finishes at or above its initial level; if either index finishes below its initial level but neither index finishes below 70% trigger level, par; otherwise, full exposure to decline of lesser performing index
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| Initial levels: | 1,013.889 for Russell, 4,030.767 for Nasdaq
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| Pricing date: | March 20
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| Settlement date: | March 27
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| Agent: | Goldman, Sachs & Co. LLC
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| Fees: | 2.35%
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| Cusip: | 40056YNQ3
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