New Issue: GS Finance sells $576,000 index-linked notes on S&P, Russell

By Kiku Steinfeld

Chicago, Oct. 11 – GS Finance Corp. priced $576,000 of 0% index-linked notes due March 29, 2028 linked to the lesser performing of 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 the final level of each index is zero or positive, the payout at maturity will be par plus 1.46 times the return of the lesser performing index.

If either index falls but the return of each index is at least negative 15%, the payout will be par.

If either index falls by more than 15%, investors will be fully exposed to the decline of the lesser-performing index beyond 15%.

Goldman, Sachs & Co. is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	S&P 500, Russell 2000
Amount:	$576,000
Maturity:	March 29, 2028
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	If the final level of each index is zero or positive, par plus 1.46 times the return of the lesser performing index; if either index falls but the return of each index is at least negative 15%, par; if either index falls by more than 15%, investors will be fully exposed to the decline of the worse performing index beyond 15%
Initial index levels:	3,970.99 for S&P, 1,734.923 for Russell
Buffer levels:	85% of initial levels
Pricing date:	March 24, 2023
Settlement date:	March 29, 2023
Underwriter:	Goldman, Sachs & Co.
Fees:	1.125%
Cusip:	40057R4S4

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