Published on 5/19/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $514,000 callable contingent coupon notes on S&P, Russell, EM ETF
By Wendy Van Sickle
Columbus, Ohio, May 19 – GS Finance Corp. priced $514,000 of callable contingent coupon underlier-linked notes due Oct. 31, 2022 tied to the least performing of the iShares MSCI Emerging Markets ETF, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 8% if each asset closes above its 70% coupon barrier on the related observation date.
The notes will be callable at par on any quarterly observation date after six months.
The payout at maturity will be par if all the assets finish above their initial level or never close below their 60% trigger buffer level.
Otherwise, investors will be fully exposed to the losses of the worst performing asset.
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: | Callable contingent coupon notes
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| Underlying assets: | iShares MSCI Emerging Markets ETF, Russell 2000 index, S&P 500 index
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| Amount: | $514,000
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| Maturity: | Oct. 31, 2022
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| Coupon: | 8%, payable quarterly if each asset closes above its coupon barrier on the related observation date
|
| Price: | Par
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| Payout at maturity: | Par if all assets finish above initial level or never close below trigger buffer level; otherwise, full exposure to the losses of the worst performing asset
|
| Call option: | At par plus contingent coupon on any quarterly call observation date after six months
|
| Initial levels: | 4,187.62 for S&P 500, 2,298.007 for Russell, $54.60 for ETF
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| Coupon trigger levels: | 70% of initial levels
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| Trigger buffer levels: | 60% of initial levels
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| Pricing date: | April 27
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| Settlement date: | April 29
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.725%
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| Cusip: | 40057H3P3
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