Published on 9/17/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.58 million autocallable contingent coupon notes on indexes
By Kiku Steinfeld
Chicago, Sept. 17 – GS Finance Corp. priced $1.58 million of autocallable contingent coupon notes due March 16, 2022 linked to 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 quarterly coupon of 8.85% per annum if each index closes at or above its 70% coupon trigger level on the determination date for that quarter.
Beginning in March 2021, the notes will be called at par if each index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Nasdaq-100, Russell 2000, S&P 500
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| Amount: | $1,580,000
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| Maturity: | March 16, 2022
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| Contingent coupon: | 8.85% annualized, payable quarterly if each index closes at or above 70% coupon trigger level on the determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its downside threshold, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
| Call: | Automatically at par each index closes at or above initial level on any quarterly call observation date beginning in March 2021
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| Initial index levels: | 3,398.96 for S&P, 11,395.850 for Nasdaq and 1,526.48 for Russell
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| Pricing date: | Sept. 9
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| Settlement date: | Sept. 14
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| Agent: | Goldman, Sachs & Co.
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| Fees: | 0.88%
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| Cusip: | 40057CV81
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