By Marisa Wong
Los Angeles, Jan. 7 – GS Finance Corp. priced $2 million of 0% capped in-gears due July 6, 2026 tied to 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.
If each index finishes at or above 114% of its initial level, the payout at maturity will be par plus (i) 21.25% plus (ii) an additional 2.702% for each 1% by which the final level of the lesser performing index exceeds 114% of its initial level, subject to a maximum settlement amount of $18.88 per $10 note.
If any index finishes below 114% of its initial level but each index finishes at or above 89% of its initial level, the payout will be par plus 0.85% for each 1% by which the final level of the lesser performing index exceeds its 89% buffer level.
If any index finishes below its 89% buffer level but each index finishes at or above its 69% downside threshold, investors will lose 1.55% for every 1% decline in the lesser performing index beyond 11%.
If any index finishes below its 69% downside threshold, the payout will be par plus the return of the lesser performing index with full exposure to losses.
Goldman Sachs & Co. LLC is the agent with UBS Financial Services Inc. as selling agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Capped in-gears
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| Underlying indexes: | S&P 500 index, Russell 2000 index
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| Amount: | $2 million
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| Maturity: | July 6, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above 114% of its initial level, par plus (i) 21.25% plus (ii) 2.702% for each 1% by which the final level of the lesser performing index exceeds 114% of its initial level, capped at par plus 88.8%; if any index finishes below 114% of its initial level but each index finishes at or above its buffer level, par plus 0.85% for each 1% by which the final level of the lesser performing index exceeds its buffer level; if any index finishes below its buffer level but each index finishes at or above its downside threshold, 1.55% loss for every 1% decline in the lesser performing index beyond 11%; if any index finishes below its downside threshold, full exposure to decline of lesser performing index
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| Initial level: | For each index, average of that index’s closing levels on each day during the period from and including Nov. 20 to and including Feb. 23, 2021
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| Final level: | For each index, average of that index’s closing levels on each day during the period from and including April 1, 2026 to and including June 30, 2026
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| Buffer level: | 89% of initial level
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| Downside threshold: | 69% of initial level
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| Pricing date: | Nov. 25
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| Settlement date: | Nov. 30
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| Agent: | Goldman Sachs & Co. LLC with UBS Financial Services Inc. as selling agent
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| Fees: | 1.1%
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| Cusip: | 36259Q609
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