Published on 4/7/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $3.25 million autocallable buffered notes on basket
By Wendy Van Sickle
Columbus, Ohio, April 7 – GS Finance Corp. priced $3.25 million of 0% autocallable buffered basket-linked notes due April 5, 2024 linked to the S&P 500 index with a 55% weight, the Euro Stoxx 50 index with a 25% weight, the iShares MSCI Emerging Markets ETF with a 10% weight and the Russell 2000 index with a 10% weight, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be automatically called at par plus 9.75% if the basket closes at or above the initial basket level on April 11, 2023.
If the notes are not called and the basket return is positive, the payout at maturity will be par plus 1.5 times the basket return. Investors will receive par if the basket falls by up to 10% and will lose 1% for each 1% loss beyond 10%.
Goldman Sachs & Co. LLC and Citigroup Global Markets Inc. are the underwriters.
| Issuer: | GS Finance Corp.
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| Guarantor | Goldman Sachs Group, Inc.
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| Issue: | Autocallable buffered basket-linked notes
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| Underlying basket: | S&P 500 index (55% weight), Euro Stoxx 50 index (25% weight), Russell 2000 index (10% weight), IShares MSCI Emerging Markets ETF (10% weight)
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| Amount: | $3.25 million
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| Maturity: | April 5, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the notes are not called and the basket return is positive, par plus 1.5 times the basket return; par if the basket falls by up to 10%; 1% loss for each 1% loss beyond 10%
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| Call: | Automatically at par plus 9.75% of par if the basket closes at or above the initial basket level on April 11, 2023
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| Initial levels: | 4,530.41 | for S&P, 3,902.52 for Stoxx, 2,070.125 for Russell, $45.15 for ETF
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| Buffer level: | 90% of initial level
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| Pricing date: | March 31
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| Settlement date: | April 5
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| Agent: | Goldman Sachs & Co. LLC and Citigroup Global Markets Inc.
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| Fees: | 1.75%
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| Cusip: | 40057LM81
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