Published on 5/31/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $207,000 callable contingent coupon notes on Russell, S&P
By Kiku Steinfeld
Chicago, May 31 – GS Finance Corp. priced $207,000 of callable contingent coupon notes due Nov. 3, 2026 linked to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at a rate of 5.35% per year if each index closes at or above its coupon trigger level, 70% of its initial level, on the observation date for that period.
After one year, the notes are callable at par plus any coupon due on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the coupon, if any, unless either index finishes below its trigger level, 65% of its initial level, in which case investors will be exposed to the loss of the least performing index.
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 indexes: | Russell 2000 and S&P 500
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| Amount: | $207,000
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| Maturity: | Nov. 3, 2026
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| Coupon: | 5.35% per year; payable each quarter that each index closes at or above coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon, if any, unless either index finishes below trigger level, in which case exposure to loss of least performing index
|
| Call option: | At par plus any coupon due on any quarterly observation date after one year
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| Initial index levels: | 4,605.38 for S&P, 2,297.191 for Russell
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| Coupon trigger levels: | 70% of initial values
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| Trigger levels: | 65% of initial values
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| Pricing date: | Oct. 29, 2021
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| Settlement date: | Nov. 3, 2021
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.81%
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| Cusip: | 40057JP42
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