Published on 4/20/2023 in the Prospect News Structured Products Daily.
New Issue: GS prices $500,000 contingent coupon autocallables linked to Nasdaq, S&P, Russell
By Angela McDaniels
Tacoma, Wash., April 20 – GS Finance Corp. priced $500,000 of autocallable contingent coupon index-linked notes due March 5, 2024 linked to the Nasdaq-100 index, 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.
Each quarter, the notes pay a coupon of 7% per year if each index closes at or above its coupon trigger level, 75% of its initial level, on the observation date for that quarter.
The notes will be called automatically at par if each index closes at or above its initial level on any quarterly observation date beginning in November 2022 and ending in November 2023.
The payout at maturity will be par plus the final coupon, if any, unless the worst performing index finishes below its buffer level, 80% of its initial level, in which case investors will lose 1% for every 1% that the worst performing index declines beyond 20%.
The underwriter is Goldman Sachs & Co. LLC.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | autocallable contingent coupon index-linked notes
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| Underlying indexes: | Nasdaq-100 index, the S&P 500 index and the Russell 2000 index
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| Amount: | $500,000
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| Maturity: | March 5, 2024
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| Coupon: | 7% per year, payable quarterly if each index closes at or above coupon trigger level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, unless worst performing index finishes below buffer level, in which case 1% loss for every 1% that worst performing index declines beyond 20%
|
| Call: | Automatically at par if each index closes at or above its initial level on any quarterly observation date beginning in November 2022 and ending in November 2023
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| Initial levels: | 12,681.42 for Nasdaq, 4,158.24 for S&P 500 and 1,887.896 for Russell
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| Buffer levels: | 80% of initial levels
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| Coupon trigger levels: | 75% of initial levels
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| Pricing date: | May 27, 2022
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| Settlement date: | June 2, 2022
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 2.15%
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| Cusip: | 40057M6E4
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