Published on 3/10/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.07 million of buffered basket commodity-linked notes
By William Gullotti
Buffalo, N.Y., March 10 – GS Finance Corp. priced $1.07 million of 0% buffered basket commodity-linked notes due Aug. 8, 2024 linked to the performance of a weighted basket of commodities, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of soybean futures contract with a 17.8% weight, corn futures contract with a 17.2% weight, copper with a 16.6% weight, aluminum with a 12.9% weight, wheat futures contract with a 12.3% weight, zinc with a 9.8% weight, sugar futures contract with an 8.8% weight and cotton futures contract with a 4.6% weight.
If the basket finishes positive, the payout at maturity will be par plus the basket gain, subject to a maximum return of par plus 35%.
Investors will receive par if the basket finishes flat or declines by no more than 20% and will lose 1% for every 1% decline of the basket beyond 20%.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Buffered basket commodity-linked notes
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| Underlying assets: | Soybean futures contract (17.8% weight), corn futures contract (17.2% weight), copper (16.6% weight), aluminum (12.9% weight), wheat futures contract (12.3% weight), zinc (9.8% weight), sugar futures contract (8.8% weight), cotton futures contract (4.6% weight)
|
| Amount: | $1,067,000
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| Maturity: | Aug. 8, 2024
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If basket finishes positive, par plus basket return, capped at par plus 35%; if basket finishes flat or declines by no more than 20%, par; otherwise, 1% loss for every 1% decline of the basket beyond 20%
|
| Initial prices: | $15.32 for soybeans, $6.775 for corn, $9,060.00 for copper, $2,560.00 for aluminum, $7.5675 for wheat, $3,361.00 for zinc, $0.2124 for sugar, $0.8543 for cotton
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| Buffer level: | 80% of initial basket level
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| Pricing date: | Feb. 3
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| Settlement date: | Feb. 8
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 40057MVC0
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