Published on 8/18/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $455,000 contingent coupon autocallables on Nasdaq, Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 18 – GS Finance Corp. priced $455,000 of autocallable contingent coupon notes due Feb. 16, 2021 linked to the worst performing of the Russell 2000 index, the S&P 500 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 10% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be automatically called at par if each index closes at or above its initial level on Nov. 9.
If the notes are not called, the payout will be par unless any index finishes below its coupon barrier, in which case investors will be exposed to the decline of the least performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
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: | Autocallable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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| Amount: | $455,000
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| Maturity: | Feb. 16, 2021
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| Coupon: | 10%, payable quarterly if each index closes at or above coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its coupon barrier, in which case investors will be exposed to the decline of the least performing index
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| Call: | Automatically at par if each index closes at or above initial levels on Nov. 9
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| Initial levels: | 3,351.28 for S&P, 1,569.185 for Russell and 11,139.39 for Nasdaq
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| Coupon barrier levels: | 70% of initial levels
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| Pricing date: | Aug. 7
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| Settlement date: | Aug. 12
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.48%
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| Cusip: | 40057CL41
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