Published on 6/16/2023 in the Prospect News Structured Products Daily.
New Issue: GS prices $1.99 million autocallable contingent coupon equity notes on five stocks
By William Gullotti
Buffalo, N.Y., June 16 – GS Finance Corp. priced $1.99 million of autocallable contingent coupon equity-linked notes due June 17, 2030 linked to the stock performance of Block, Inc., PNC Financial Services Group, Inc., Netflix, Inc., Tesla, Inc. and Freeport-McMoRan Inc., 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 monthly coupon at an annual rate of 14.5% if each stock closes at or above its coupon barrier price, 73% of its initial price, on the related determination date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial share price on any quarterly call observation date after one year.
If the notes are not called, the payout at maturity will be at least par. If each stock finishes at or above its coupon barrier, the payout will also include the final coupon.
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: | Block, Inc., PNC Financial Services Group, Inc., Netflix, Inc., Tesla, Inc., Freeport-McMoRan Inc.
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| Amount: | $1,993,000
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| Maturity: | June 17, 2030
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| Coupon: | 14.5% annual rate; payable monthly if closing price of each stock is greater than or equal to coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above 73% of its initial share price; otherwise, par
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| Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any quarterly observation date after one year
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| Initial share prices: | $64.94 for Block, $128.93 for PNC, $420.02 for Netflix, $244.40 for Tesla, $37.89 for Freeport-McMoRan
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| Coupon barrier prices: | 73% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 4.125%
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| Cusip: | 40057T5N0
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