Published on 9/29/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $15.13 million contingent income autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Goldman Sachs & Co. LLC priced $15.13 million of contingent income autocallable securities due Sept. 28, 2023 linked to the worse performing of the common stocks of Microsoft Corp., Amazon.com, Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The guarantor is Goldman Sachs Group, Inc.
Each quarter, the notes will pay a contingent coupon at an annual rate of 11.4% if each stock closes at or above its coupon barrier, 60% of its initial level, on the determination date for that period.
The notes will be called at par of $10 plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date.
The payout at maturity will be par unless any stock finishes below its 60% downside threshold, in which case investors will be fully exposed to any losses of the worst performing stock.
Goldman Sachs & Co. LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent income autocallable securities
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| Underlying stocks: | Microsoft Corp., Amazon.com, Inc. and Apple Inc.
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| Amount: | $15,127,200
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| Maturity: | Sept. 28, 2023
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| Coupon: | 11.4% per year, payable each quarter if each stock closes at or above coupon barrier on determination date for that period
|
| Price: | Par of $10
|
| Payout at maturity: | If final share price of least performing stock is greater than or equal to downside threshold level, par; otherwise, full exposure to decline of worst performer
|
| Call: | Par plus the contingent coupon if each stock closes above its initial level on any quarterly redemption date
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| Initial share prices: | $207.82 for Microsoft, $3,095.13 for Amazon.com, $112.28 for Apple
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| Coupon barriers: | $124.692 for Microsoft, $1,857.078 for Amazon.com, $67.368 for Apple; 60% of initial share prices
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| Downside thresholds: | $124.692 for Microsoft, $1,857.078 for Amazon.com, $67.368 for Apple; 60% of initial share prices
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.675%
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| Cusip: | 36259L683
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