New Issue: GS Finance sells $388,000 index-linked notes on Dow, S&P

By Kiku Steinfeld

Chicago, Sept. 26 – GS Finance Corp. priced $388,000 of 0% index-linked notes due April 18, 2024 tied to the lesser performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout will be par plus the lesser-performing index’s return, subject to the maximum settlement amount of $1,195.50 for each $1,000 face amount of notes.

If the lesser-performing index falls by up to 17%, the payout will be par.

Otherwise, investors will lose 1% for every 1% decline of the lesser-performing index beyond the 17% buffer.

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:	Index-linked notes
Underlying indexes:	Dow Jones industrial average, S&P 500 index
Amount:	$388,000
Maturity:	April 18, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above its initial level, par plus the lesser-performing index’s return, subject to the maximum settlement amount of $1,195.50 for each $1,000 face amount of notes; if the lesser-performing index falls by up to 17%, par; otherwise, 1% loss for every 1% decline of the lesser-performing index beyond 17% buffer
Initial index levels:	32,155.40 for Dow and 3,919.29 for S&P
Buffer levels:	83% of initial levels
Pricing date:	March 14, 2023
Settlement date:	March 17, 2023
Underwriter:	Goldman Sachs & Co. LLC
Fees:	0.43%
Cusip:	40057PU42

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