Published on 7/28/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $377,000 autocallable variable coupon equity notes on three stocks
By Kiku Steinfeld
Chicago, July 28 – GS Finance Corp. priced $377,000 of autocallable variable coupon equity-linked notes due Feb. 29, 2028 linked to the stock performance of Tesla, Inc., Freeport-McMoRan Inc. and Airbnb, Inc., according to a 377B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a monthly coupon at an annual rate of 8% if each stock closes above its coupon barrier price, 70% of its initial price, on a related determination date. Otherwise, the monthly coupon will be paid at a rate of 0.25% per annum.
The notes will be automatically called at par if each stock closes at or above its initial level on any monthly valuation date after one year.
The payout at maturity will be par.
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 variable coupon equity-linked notes
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| Underlying stocks: | Tesla, Inc., Freeport-McMoRan Inc. and Airbnb, Inc.
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| Amount: | $377,000
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| Maturity: | Feb. 29, 2028
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| Coupon: | 8% annual rate if closing price of each stock is greater than or equal to coupon barrier on related observation date, otherwise, 0.25% annual rate; payable monthly
|
| Price: | Par
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| Payout at maturity: | Par
|
| Call: | At par if closing level of least performing stock is greater than or equal to its initial level on any monthly valuation date after one year
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| Initial levels: | $128.78 for Airbnb, $42.66 for Freeport, $197.37 for Tesla
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| Coupon barriers: | 70% of initial levels
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| Pricing date: | Feb. 21, 2023
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| Settlement date: | Feb. 24, 2023
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 3.75%
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| Cusip: | 40057PPH9
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