Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $776,000 callable contingent coupon notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, May 12 – GS Finance Corp. priced $776,000 of callable contingent coupon index-linked notes due Jan. 12, 2026 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes pay a contingent quarterly coupon at an annualized rate of 9% if each index closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after one year.
If the notes are not redeemed early, the payout will be par unless any index finishes below 60% of its initial level, in which case investors will lose 1% for every 1% that the least performing index declines.
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: | Callable contingent coupon index-linked notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and S&P 500 index
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| Amount: | $776,000
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| Maturity: | Jan. 12, 2026
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| Contingent coupon: | 9% per year, payable quarterly if each index closes at or above coupon barrier related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing index declines
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| Call option: | In whole at par plus any coupon due on any quarterly valuation date after one year
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| Initial levels: | 11,040.35 for Nasdaq, 1,792.800 for Russell, 3,895.08 for S&P
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| Coupon barrier levels: | 60% of initial levels
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| Trigger buffer levels: | 60% of initial levels
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| Pricing date: | Jan. 6, 2023
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| Settlement date: | Jan. 11, 2023
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.54%
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| Cusip: | 40057PCZ3
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