Published on 10/31/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.19 million contingent coupon autocallables linked to S&P, Russell, Dow
By Angela McDaniels
Tacoma, Wash., Oct. 31 – GS Finance Corp. priced $1.19 million of market linked securities — autocallable with contingent coupon and contingent downside due Oct. 29, 2026 linked to the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 7.6% per year if each index closes at or above its coupon threshold price, 60% of its initial level, on the determination date for that quarter.
Beginning in April 2023, the notes will be automatically called at par if each index closes at or above its initial level on a quarterly determination date.
The payout at maturity will be par unless the least-performing index finishes below its downside threshold price, 60% of its initial level, in which case investors will be exposed to the decline of the least-performing index.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter. Wells Fargo Securities, LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Market linked securities — autocallable with contingent coupon and contingent downside
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $1,186,000
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| Maturity: | Oct. 29, 2026
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| Coupon: | 7.6% per year, payable quarterly if each index closes at or above coupon threshold price on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless least-performing index finishes below downside threshold price, in which case investors will be exposed to decline of least-performing index
|
| Call: | Beginning in April 2023, automatically at par if each index closes at or above initial level on a quarterly determination date
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| Initial levels: | 3,871.98 for S&P, 1,846.863 for Russell and 32,732.95 for Dow
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| Coupon thresholds: | 60% of initial levels
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| Downside thresholds: | 60% of initial levels
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| Pricing date: | Oct. 31, 2022
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| Settlement date: | Nov. 3, 2022
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| Underwriter: | Goldman Sachs & Co. LLC
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.225%
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| Cusip: | 40057NHA8
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