Published on 9/7/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $2.17 million market-linked autocalls with buffered downside on basket
By William Gullotti
Buffalo, N.Y., Sept. 7 – GS Finance Corp. priced $2.17 million of 0% market-linked securities – autocallable with fixed percentage buffered downside due Sept. 1, 2027 linked to a weighted basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket is composed of the Euro Stoxx 50 index with a 45% weight, the Nikkei 225 index with a 20% weight, the FTSE 100 index with a 20% weight, the Swiss Market index with a 7.5% weight and the S&P/ASX 200 index with a 7.5% weight.
The notes will be automatically called at par plus an annualized call premium of 9.2% if the basket closes at or above the initial level on any annual call observation date.
If the securities are not called, payout at maturity will be par unless the basket falls by more than 10%, in which case investors will be exposed to losses beyond 10%.
The notes are guaranteed by Goldman Sachs Group, Inc.
Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Market-linked securities – autocallable with fixed percentage buffered downside
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| Underlying indexes: | Euro Stoxx 50 index (45% weight), Nikkei 225 index (20% weight), FTSE 100 index (20% weight), Swiss Market index (7.5% weight), S&P/ASX 200 index (7.5% weight)
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| Amount: | $2,165,000
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| Maturity: | Sept. 1, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless basket falls by more than 10%, in which case lose 1% for every 1% decline beyond 10%
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| Call: | Automatically at par plus 9.2% annualized call premium if the basket closes at or above the initial level on any annual call observation date
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| Initial levels: | 4,326.47 for Stoxx, 32,226.97 for Nikkei, 7,464.99 for FTSE, 11,106.24 for Swiss Market, 7,210.46 for S&P/ASX
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| Buffer level: | 90% of initial level
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 1
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| Agents: | Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC
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| Fees: | 2.575%
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| Cusip: | 40057TVP6
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