By Kiku Steinfeld
Chicago, Oct. 2 – GS Finance Corp. priced $320,000 of callable contingent coupon notes due March 22, 2030 linked to the SPDR S&P Biotech exchange-traded fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at an annual rate of 7.2% if each ETF closes at or above its barrier level, 80% of its initial share price, on the observation date for that quarter.
The notes are callable at par on any quarterly coupon payment date starting in March 2024.
If each ETF finishes at or above its barrier level, the payout at maturity will be par plus the final coupon. If either ETF finishes below its barrier level, investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial share price.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon notes
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| Underlying ETFs: | SPDR S&P Biotech ETF and Technology Select Sector SPDR fund
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| Amount: | $320,000
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| Maturity: | March 22, 2030
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| Coupon: | 7.2%, payable quarterly if each ETF closes at or above barrier level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above barrier level, par plus final coupon; if either ETF finishes below barrier level, 1% loss for every 1% that lesser-performing ETF declines from initial share price
|
| Call option: | At par on any quarterly coupon payment date starting in March 2024
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| Initial share prices: | $76.50 for biotech and $143.46 for technology sector
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| Barrier levels: | 80% of initial share prices
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| Pricing date: | March 17, 2023
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| Settlement date: | March 22, 2023
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| Underwriter: | Goldman Sachs & Co.
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| Fees: | 4.125%
|
| Cusip: | 40057R2W7
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