Published on 3/8/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $1.24 million autocallable equity-linked notes on four stocks
By Kiku Steinfeld
Chicago, March 8 – GS Finance Corp. priced $1.24 million of autocallable equity-linked securities due Feb. 21, 2025 tied to the shares of Advanced Micro Devices, Inc., Microsoft Corp., Roku, Inc. and Spotify Technology SA according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
After one year, the notes will be automatically redeemed at par plus 51% annualized if the worst-performing stock closes at or above 90% of its initial price on any quarterly observation date.
If the notes are not called and the final price of each stock is at least 90% of its initial price, the payout at maturity will be par plus 204%. If the final price of any stock is less than 90% of its initial price but no stock is less than 50% of its initial price, the payout will be par. Otherwise, investors will be exposed to the loss of the least-performing stock.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable equity-linked securities
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| Underlying stocks: | Advanced Micro Devices, Inc., Microsoft Corp., Roku, Inc. and Spotify Technology SA
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| Amount: | $1,243,000
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| Maturity: | Feb. 21, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 204% if each stock’s final price is at least 90% of initial price; par if final price of any stock is less than 90% of its initial price but no stock is less than 50% of its initial price; otherwise, full exposure to losses of least-performing stock
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| Call: | After one year, at par plus 51% annualized if the worst-performing stock closes at or above 90% of its initial price on any quarterly observation date
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| Initial prices: | $84.74 for Advanced Micro, $233.27 for Microsoft, $415.87 for Roku and $336.31 for Spotify
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| Downside thresholds: | 50% of initial levels
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 26
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 40057FGK4
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