Published on 9/16/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.86 million callable contingent coupon notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Sept. 16 – GS Finance Corp. priced $1.86 million of callable contingent coupon index-linked notes due March 13, 2023 linked to the least performing of the Nasdaq-100 index, the S&P 500 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 monthly coupon at an annualized rate of 10.5% if each index closes at or above its 70% coupon trigger level on the determination date for that period.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any coupon payment date after six months.
If each index finishes above 60% of its initial level, the payout will be par plus the final coupon, if any.
Otherwise, investors will be fully exposed to the decline of the least-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: | Callable contingent coupon index-linked notes
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Underlying indexes: | S&P 500, Russell 2000, Nasdaq-100
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Amount: | $1,855,000
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Maturity: | March 13, 2023
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Contingent coupon: | 10.5% per year, payable monthly if each index closes at or above coupon trigger level on monthly determination date
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Price: | Par
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Payout at maturity: | If each index finishes above 60% of its initial level, par plus coupon, if any; otherwise, full exposure to decline of the least performing index
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Call: | At par plus any contingent coupon at issuer’s option on any coupon payment date after six months
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Initial index levels: | 3,331.84 for S&P, 1,504.591 for Russell and 11,068.260 for Nasdaq
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Coupon trigger: | 70% of initial levels
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Pricing date: | Sept. 8
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Settlement date: | Sept. 11
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 1.125%
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Cusip: | 40057CV24
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