New Issue: GS Finance prices $406,000 leveraged buffered notes linked to ETF, index basket

By Angela McDaniels

Tacoma, Wash., April 18 – GS Finance Corp. priced $406,000 of 0% leveraged buffered basket-linked notes due July 17, 2025, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of the S&P 500 High Beta ETF with a 35% weight, the Russell 2000 index with a 20% weight, the Nasdaq-100 index with a 15% weight, the Euro Stoxx 50 index with a 15% weight and the iShares MSCI Emerging Markets ETF with a 15% weight.

If the final basket level is greater than the initial basket level, the payout at maturity will be par plus 2 times the basket return, subject to a maximum settlement amount of $1,277.50 per $1,000 principal amount of notes.

If the final basket level is less than or equal to the initial basket level but greater than or equal to the buffer level, 90% of the initial basket level, the payout will be par.

If the final basket level is less than the buffer level, investors will lose 1% for every 1% that the basket declines beyond 10%.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Leveraged buffered basket-linked notes
Underlying assets:	S&P 500 High Beta ETF (35% weight), Russell 2000 index (20% weight), Nasdaq-100 index (15% weight), Euro Stoxx 50 index (15% weight) and iShares MSCI Emerging Markets ETF (15% weight)
Amount:	$406,000
Maturity:	July 17, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If final basket level is greater than initial basket level, par plus 2 times basket return, subject to maximum return of 27.75%; if final basket level is less than or equal to initial basket level but greater than or equal to buffer level, par; otherwise, 1% loss for every 1% that basket declines beyond 10%
Initial levels:	$78.61 for high beta ETF, 1,931.090 for Russell, 15,565.60 for Nasdaq, 4,400.11 for Stoxx and $41.01 for EM ETF
Buffer level:	90% of initial level
Pricing date:	July 14, 2023
Settlement date:	July 19, 2023
Underwriter:	Goldman Sachs & Co. LLC
Fees:	0.8%
Cusip:	40057TJX3

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