By Sarah Lizee
Olympia, Wash., July 22 – GS Finance Corp. priced $389,000 of callable contingent coupon ETF-linked notes due Oct. 20, 2022 linked to the VanEck Vectors Gold Miners ETF and SPDR Gold Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annualized rate of 10% if each ETF closes at or above its 80% coupon trigger level on the determination date for that period.
The notes may be callable at par plus any contingent coupon due at the issuer’s option on any coupon payment date after one year.
If the notes are not called, the payout will be par unless either fund falls beyond 15%, in which case investors will be exposed to the decline of the lesser performing fund beyond the buffer.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon ETF-linked notes
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF and SPDR Gold Trust
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| Amount: | $389,000
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| Maturity: | Oct. 20, 2022
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| Contingent coupon: | 10% per year, payable quarterly if each ETF closes at or above coupon trigger level on determination date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund falls beyond 15%, in which case investors will be exposed to the decline of the lesser performing fund beyond 15%
|
| Call: | At par plus any contingent coupon at issuer’s option on any coupon payment date after one year
|
| Initial ETF levels: | $17.01 for silver ETF, $167.37 for gold ETF
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| Coupon trigger levels: | 80% of initial levels
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| Buffer levels: | 85% of initial levels
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| Pricing date: | July 17
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| Settlement date: | July 22
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.425%
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| Cusip: | 40057CCN9
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