Published on 3/15/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $2.93 million buffered participation securities on index basket
By William Gullotti
Buffalo, N.Y., March 15 – GS Finance Corp. priced $2.93 million of 0% buffered participation securities due Feb. 28, 2024 linked to a weighted index basket, according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The basket consists of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index
Settlement at maturity is dependent upon the weighted return of the basket, which is calculated by adding the products of the highest performing basket index’s return times 45%, the second highest index’s return times 35% and the lowest performer’s return times 20%.
If the weighted return is positive, the payout at maturity will be par plus the weighted return, subject to a maximum payout of par plus 14.75%
If the basket finishes flat or declines up to 15%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the weighted return is less than 15%.
Goldman Sachs & Co. LLC is the agent with Morgan Stanley Wealth Management as dealer.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Buffered participation securities
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| Basket components: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
|
| Amount: | $2,931,000
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| Maturity: | Feb. 28, 2024
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Settlement at maturity is dependent upon the weighted return of the basket, which is calculated by adding the products of the highest performing basket index’s return times 45%, the second highest index’s return times 35% and the lowest performer’s return times 20%; if the weighted return is positive, par plus the basket’s return capped at 14.75%; if the weighted return is zero or declines up to 15%, par; otherwise, 1% loss for every 1% that the weighted return is less than the buffer
|
| Initial index levels: | 4,288.7 for S&P, 13,974.67 for Nasdaq, 1,996.007 for Russell
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| Buffer level: | 85%
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| Pricing date: | Feb. 24
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| Settlement date: | March 1
|
| Agent: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 36262Y557
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