Published on 7/6/2021 in the Prospect News Structured Products Daily.
New Issue: GS prices $1.5 million autocallable contingent coupon equity notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, July 6 – GS Finance Corp. priced $1.5 million of autocallable contingent coupon equity-linked notes due June 2, 2026 linked to the stocks of Penn National Gaming, Inc., DraftKings Inc., VMware, Inc. and Microsoft Corp., 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 18% if each stock closes above its coupon barrier price, 60% of its initial price, on a related determination date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial share price on any quarterly call observation date after six months.
If the notes are not called and the final share price of each stock is greater than or equal to its 50% coupon barrier price, the payout at maturity will be par plus the final coupon, if any. If the least performing stock closes below the coupon barrier but at or above the 50% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock from its initial share price.
Goldman Sachs & Co. LLC is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable contingent coupon equity-linked securities
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Underlying stocks: | Penn National Gaming, Inc., DraftKings Inc., VMware, Inc., Microsoft Corp.
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Amount: | $1,497,000
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Maturity: | June 2, 2026
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Coupon: | 18% annual rate; payable quarterly if closing price of each stock is greater than or equal to coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon, if any, if each stock closes at or above 50% of initial share price; otherwise, full exposure to decline of least performing stock from initial share price
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Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any quarterly observation date after six months
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Initial share prices: | $47.86 for DraftKings, $80.18 for Penn National Gaming, $162.19 for VMware, $250.78 for Microsoft
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Coupon barrier prices: | 60% of initial levels
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Final barrier prices: | 50% of initial levels
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Pricing date: | May 24
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Settlement date: | May 27
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Underwriter: | Goldman Sachs & Co. LLC
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Fees: | 4%
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Cusip: | 40057HC57
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