Published on 4/4/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.5 million callable contingent coupon index-linked notes on indexes
By William Gullotti
Buffalo, N.Y., April 4 – GS Finance Corp. priced $3.5 million of callable contingent coupon index-linked notes due May 8, 2025 tied to the S&P 500 index, the Russell 2000 Value index and the MSCI Emerging Markets index, 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 quarterly coupon at an annual rate of 8.25% if each index closes at or above the coupon trigger level, 75% of the initial level, on the valuation date for that period.
The notes are callable at par at the option of the issuer on any quarterly coupon payment date.
If the notes are not called and each index closes at or above 70% of its initial value, the payout will be par.
If any index falls by more than 30%, investors will be exposed to any losses of the least-performing index at a rate of 1.4286% to each 1% decline beyond the buffer.
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: | Callable contingent coupon index-linked notes
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| Underlying indexes: | S&P 500 index, Russell 2000 Value index, MSCI Emerging Markets index
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| Amount: | $3,500,000
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| Maturity: | May 8, 2025
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| Coupon: | 8.25% annualized rate, payable quarterly if each index closes at or above coupon trigger level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above buffer level, par; if any index falls by more than buffer, 1.4286% loss for each 1% decline beyond 30% buffer
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| Call option: | Par at the option of the issuer on any quarterly coupon payment date
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| Initial index levels: | 4,167.59 for S&P, 2,453.926 for Russell Value, 1,333.05 for MSCI EM
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| Coupon trigger levels: | 75% of initial levels
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| Buffer levels: | 70% of initial levels
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| Pricing date: | May 5, 2021
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| Settlement date: | May 10, 2021
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | None
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| Cusip: | 40057HB58
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