Published on 7/13/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $9.24 million contingent coupon index-linked autocalls on three indexes
By William Gullotti
Buffalo, N.Y., July 13 – GS Finance Corp. priced $9.24 million of autocallable contingent coupon index-linked notes due July 16, 2029 tied to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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 at an annual rate of 6.25% if each index closes at or above the coupon trigger level, 75% of the initial level, on the valuation date for that period.
The notes will be called at par plus a coupon if each index closes at or above its initial index level on any quarterly call observation date.
If the notes are not called and each index closes at or above the coupon barrier, the payout at par plus coupon.
If any index falls by more than 25%, but each index closes at or above the 70% trigger buffer level, the payout at maturity will be par. Otherwise, investors will be exposed to the decline of the least-performing index from its initial level.
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: | Autocallable contingent coupon index-linked notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Euro Stoxx 50 index
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| Amount: | $9,235,000
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| Maturity: | July 16, 2029
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| Coupon: | 6.25% annualized rate, payable quarterly if each index closes at or above coupon trigger level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above coupon level, par plus final coupon; if any index falls by more than 25% but each index finishes at or above trigger buffer level, par; if any index falls by more than 30%, full exposure to losses
|
| Call: | At par plus coupon if each index closes at or above its initial level on any quarterly call observation date
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| Initial index levels: | 4,320.82 for S&P, 2,231.677 for Russell, 3,991.66 for Stoxx
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| Trigger buffer level: | 70% of initial levels
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| Coupon trigger level: | 75% of initial levels
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| Pricing date: | July 8
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| Settlement date: | July 13
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 3.225%
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| Cusip: | 40057HPF1
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