New Issue: GS Finance sells $2.59 million trigger callable contingent yield notes on indexes

By Wendy Van Sickle

Columbus, Ohio, Jan. 2 – GS Finance Corp. priced $2.59 million of trigger callable contingent yield notes due Dec. 29, 2028 linked to the least performing of the Russell 2000 index, the MSCI Emerging Markets index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by Goldman Sachs Group, Inc.

Each quarter, the notes pay a contingent coupon at an annualized rate of 13% if each index’s closing level is at or above its coupon barrier, 70% of its initial level, on the observation date that quarter.

After one year, the notes are callable at par of $10 on each quarterly observation date other than the final one.

If the notes are not called and each index finishes at or above its downside threshold, 50% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.

Goldman Sachs & Co. is the agent with UBS Financial Services Inc. acting as distributor.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Trigger callable contingent yield notes
Underlying indexes:	Russell 2000, S&P 500 and MSCI Emerging Markets
Amount:	$2,585,000
Maturity:	Dec. 29, 2028
Coupon:	13%, payable quarterly if each index closes at or above its coupon barrier on observation date that quarter
Price:	Par of $10
Payout at maturity:	If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
Call option:	After one year at par on each quarterly observation date other than final one
Initial levels:	957.33 for MSCI EM, 1,292.086 for Russell and 2,416.62 for S&P
Coupon barriers:	670.131 for MSCI EM, 904.46 for Russell and 1,691.634 for S&P; 70% of initial levels
Downside thresholds:	478.665 for MSCI EM, 646.043 for Russell and 1,208.310 for S&P; 50% of initial levels
Pricing date:	Dec. 26
Settlement date:	Dec. 31
Agent:	Goldman Sachs & Co.
Distributor:	UBS Financial Services Inc.
Fees:	1.4%
Cusip:	36256M866

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