Published on 6/20/2023 in the Prospect News Structured Products Daily.
New Issue: GS prices $246,000 contingent coupon autocallables linked to Disney, Lowe’s, MasterCard
By Angela McDaniels
Tacoma, Wash., June 20 – GS Finance Corp. priced $246,000 of autocallable contingent coupon equity-linked notes due Aug. 4, 2025 linked to the common stock of Walt Disney Co., the common stock of Lowe’s Cos., Inc. and the class A common stock of MasterCard Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 12.35% per year if each stock closes at or above its barrier price, 60% of its initial share price, on the observation date for that month.
Beginning in January 2023, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly call observation date.
The payout at maturity will be par unless each stock finishes below its initial share price and any stock finishes below its barrier price, in which case investors will be fully exposed to the decline of the worst performing stock.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked notes
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| Underlying stocks: | Walt Disney Co., Lowe’s Cos., Inc. and MasterCard Inc.
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| Amount: | $246,000
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| Maturity: | Aug. 4, 2025
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| Coupon: | 12.35% per year, payable monthly if each stock closes at or above barrier price on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless each stock finishes below initial share price and any stock finishes below barrier price, in which case full exposure to decline of worst performing stock
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| Call: | Beginning in January 2023, automatically at par if each stock closes at or above initial share price on any quarterly call observation date
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| Initial share prices: | $99.78 for Disney, $188.60 for Lowe’s and $341.28 for MasterCard
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| Barrier levels: | 60% of initial share prices
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| Pricing date: | July 26, 2022
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| Settlement date: | July 29, 2022
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 3%
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| Cusip: | 40057MKY4
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