New Issue: GS Finance prices $1.09 million notes linked to S&P 500, Russell 2000

By Angela McDaniels

Tacoma, Wash., Nov. 15 – GS Finance Corp. priced $1.09 million of 0% index-linked notes due Nov. 5, 2024 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the return of each index is greater than or equal to zero, the payout at maturity will be par plus 111% of the lesser performing index’s return. If either index declines but neither index declines by more than 25%, the payout will be par plus the absolute value of the lesser performing index’s return. If the return of either index is less than negative 25%, investors will be exposed to the lesser performing index’s decline.

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:	S&P 500 index and Russell 2000 index
Amount:	$1,086,000
Maturity:	Nov. 5, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If return of each index is greater than or equal to zero, par plus 111% of lesser performing index’s return; if either index declines but neither index declines by more than 25%, par plus absolute value of lesser performing index’s return; if return of either index is less than negative 25%, exposure to lesser performing index’s decline
Initial levels:	3,871.98 for S&P and 1,846.863 for Russell
Barrier levels:	75% of initial level
Pricing date:	Oct. 31, 2022
Settlement date:	Nov. 3, 2022
Underwriter:	Goldman Sachs & Co. LLC
Fees:	0.8%
Cusip:	40057NGE1

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