New Issue: GS Finance sells $544,000 index-linked notes on S&P, Russell

By Kiku Steinfeld

Chicago, Oct. 19 – GS Finance Corp. priced $544,000 of 0% index-linked notes due April 2, 2026 tied 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.

The payout at maturity will be par plus the lesser performing index return, capped at 70%, if each index finishes at or above its initial level. If either index falls but not below 85% of its initial level, the payout will be par plus the absolute return of the least performing index. Otherwise, investors will lose 1% for every 1% that the least performing index declines beyond 15%.

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 and the Russell 2000 index
Amount:	$544,000
Maturity:	April 2, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus lesser performing index return, capped at 70%, if each index finishes at or above its initial level; par plus the absolute return of the least performing index if either index falls but not below 85% of its initial level; otherwise, 1% loss for every 1% decline of least performing index beyond 15%
Initial levels:	3,971.27 for S&P and 1,752.632 for Russell
Buffers:	15% of initial levels
Pricing date:	March 28, 2023
Settlement date:	March 31, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	3.1%
Cusip:	40057PWG3

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