Published on 10/27/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.97 million contingent market-linked autocalls on three indexes
By Kiku Steinfeld
Chicago, Oct. 27 – GS Finance Corp. sold $3.97 million of market-linked autocallable securities with contingent coupon and contingent downside due March 29, 2027 linked to the lowest performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The securities are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly interest payment at the rate of 7.4% per year if each index closes at or above the coupon barrier level, 65% of the initial share level, on the observation date for that period.
The notes will be automatically called at par plus coupon if each index closes at or above initial levels on any quarterly observation date after six months.
At maturity, if the worst performer finishes above its 65% threshold level, the payout will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Wells Fargo Securities LLC and Goldman Sachs & Co. LLC are the agents.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Market-linked autocallable securities with contingent coupon and contingent downside
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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Amount: | $3,969,000
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Maturity: | March 29, 2027
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Coupon: | 7.4% annual rate, payable quarterly if all indexes close at or above their coupon barrier levels on the relevant observation date
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Level: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above threshold level; otherwise, full exposure to decline of worst performer from initial level
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Call: | Automatically at par plus coupon if each index closes at or above initial levels on any quarterly observation date after six months
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Initial levels: | 33,274.15 for Dow, 1,802.484 for Russell, 4,109.31 for S&P
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Coupon barrier: | 65% of initial level
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Threshold level: | 65% of initial level
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Pricing date: | March 31, 2023
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Settlement date: | April 5, 2023
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Agents: | Wells Fargo Securities LLC and Goldman Sachs & Co. LLC
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Fees: | 2.325%
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Cusip: | 40057PV82
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