New Issue: GS Finance sells $578,000 index-linked notes on S&P, Russell

By William Gullotti

Buffalo, N.Y., March 28 – GS Finance Corp. priced $578,000 of 0% index-linked notes due May 2, 2024 linked to the least performing of 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.

If the return of each index is flat or positive, the payout at maturity will be par plus two times the return of the least performing index, up to $1,373 for each $1,000 face amount of notes.

If the least performing index falls by up to 10%, the payout will be par.

Otherwise, investors will be exposed to any losses of the lesser-performing index beyond 10%.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$578,000
Maturity:	May 2, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus two times the return of least performing index up to $1,373 for each $1,000 face amount of notes; if either index falls but the return of each index is at least negative 10%, par; if either index falls by more than 10%, investors will be exposed to the decline of the worst performing index beyond 10%
Initial levels:	4,183.18 for S&P 500, 2,304.158 for Russell
Buffer levels:	90% of initial levels
Pricing date:	April 28, 2021
Settlement date:	May 3, 2021
Agent:	Goldman Sachs & Co. LLC
Fees:	1.2%
Cusip:	40057H2T6

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