Published on 9/4/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $427,000 contingent coupon autocalls on Dow, Russell, S&P
By Kiku Steinfeld
Chicago, Sept. 4 – GS Finance Corp. priced $427,000 of autocallable contingent coupon index-linked notes due June 7, 2021 linked to the worst performing of the Russell 2000 index, the S&P 500 index and Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 5% 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 any observation date.
If the notes are not called, the payout will be par unless any index finishes below 66.5% of its initial level, 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 index-linked notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $427,000
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| Maturity: | June 7, 2021
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| Coupon: | 5%, 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 66.5% trigger level, in which case investors will be exposed to the decline of the least performing index
|
| Call: | Automatically at par if each index closes at or above initial levels on any observation date
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| Initial levels: | 3,508.01 for S&P, 1,578.343 for Russell and 28,653.87 for Dow
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| Coupon barrier levels: | 70% of initial levels
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| Trigger levels: | 66.5% of initial levels
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| Pricing date: | Aug. 28
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| Settlement date: | Sept. 2
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1.65%
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| Cusip: | 40057CSC6
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