Published on 9/18/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2.26 million contingent coupon autocalls on Nasdaq, Russell, S&P
By Sarah Lizee
Olympia, Wash., Sept. 18 – GS Finance Corp. priced $2.26 million of autocallable contingent coupon index-linked notes due Dec. 22, 2021 linked to the S&P 500 index, the Nasdaq-100 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.
Each quarter, the notes pay a contingent coupon at an annualized rate of 9% if each index closes at or above its coupon trigger level, 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 quarterly call observation date.
The payout at maturity will be par unless any index finishes below its 70% trigger level, in which case investors will lose 1% for every 1% decline of the least-performing index from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon index-linked notes
|
| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $2,255,000
|
| Maturity: | Dec. 22, 2021
|
| Coupon: | 9% per year, payable each quarter that each index closes at or above its coupon trigger level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its trigger level, in which case investors will lose 1% for every 1% decline of the least-performing index from its initial level
|
| Call: | Automatically called at par if each index closes at or above its initial level on any quarterly call observation date
|
| Initial levels: | 3,401.2 for S&P, 11,438.87 for Nasdaq and 1,538.154 for Russell
|
| Coupon trigger levels: | 70% of initial levels
|
| Trigger levels: | 70% of initial levels
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 2.325%
|
| Cusip: | 40057CW64
|
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