Published on 7/12/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $274,000 callable contingent coupon index-linked notes on three indexes
By Kiku Steinfeld
Chicago, July 12 – GS Finance Corp. priced $274,000 of callable contingent coupon index-linked notes due Aug. 15, 2024 tied to the Nasdaq-100 index, the Dow Jones industrial average 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.
The notes will pay a contingent monthly coupon at an annual rate of 6.6% if each index closes at or above the coupon trigger level, 70% of the initial level, on the valuation date for that period.
The notes may be called at par plus any coupon due on any quarterly call observation date after six months.
If the notes have not been called and each index finishes at or above its 50% trigger buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
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: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $274,000
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| Maturity: | Aug. 15, 2024
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| Coupon: | 6.6% annualized rate, payable monthly if each index closes at or above coupon trigger level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger buffer, par; otherwise, full exposure to decline of worst performer from initial level
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| Call option: | At par plus any coupon due on any quarterly call observation date after six months
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| Initial index levels: | 33,869.27 for Dow, 1,918.814 for Russell, 12,304.92 for Nasdaq
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| Coupon trigger levels: | 70% of initial levels
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| Trigger buffer levels: | 50% of initial levels
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 15
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.35%
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| Cusip: | 40057PMD1
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