Published on 4/13/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $549,000 autocallable equity-linked notes on four stocks
By Kiku Steinfeld
Chicago, April 13 – GS Finance Corp. priced $549,000 of autocallable equity-linked securities due Sept. 29, 2025 tied to the stocks of Snowflake Inc., Twitter, Inc., Appian Corp. and Spotify Technology SA, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be automatically redeemed at par plus a 31.75% annualized call premium if the worst-performing stock closes at or above its call level, 80% of initial price, on any quarterly observation date after one year.
If the notes are not called and the final price of each stock is at or above its 80% call level, the payout at maturity will be par plus 127%.
If the worst performer finishes below its call level but at or above the 50% downside threshold, the payout at maturity will be par. Otherwise, investors will be exposed to the decline of the worst performer from its initial price.
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: | Snowflake Inc., Twitter, Inc., Appian Corp. and Spotify Technology SA
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Amount: | $549,000
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Maturity: | Sept. 29, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 127% if each stock’s final price is greater than or equal to 80% of its initial price; if the worst performer finishes below call level but not below downside threshold, par; otherwise, full exposure to losses of least-performing stock
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Call: | Automatically at par plus a 31.75% annualized call premium if the worst-performing stock closes at or above its call level on any quarterly observation date after one year
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Initial prices: | $316.47 for Snowflake, $67.22 Twitter, $107.10 for Appian, $230.20 for Spotify
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Call levels: | 80% of initial levels
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Downside thresholds: | 50% of initial levels
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Pricing date: | Sept. 24, 2021
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Settlement date: | Sept. 29, 2021
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 1.75%
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Cusip: | 40057JM86
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