By Marisa Wong
Los Angeles, April 12 – GS Finance Corp. priced $740,000 of 0% leveraged notes due May 9, 2023 linked to the Invesco DB Agriculture Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The exchange-traded fund seeks to track changes in the level of the DBIQ Diversified Agriculture Index Excess Return over time, plus the excess, if any, of the sum of the ETF’s U.S. Treasury income, money market income and T-Bill ETF income, over the expenses of the ETF.
If the ETF finishes above its initial level, the payout at maturity will be par plus 1.5 times the ETF return, subject to a maximum settlement amount of $1,200 for each $1,000 principal amount of notes. Otherwise, investors will be fully exposed to the ETF’s decline.
The notes are guaranteed by Goldman Sachs Group, Inc.
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: | Leveraged fund-linked notes
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| Underlying ETF: | Invesco DB Agriculture Fund
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| Amount: | $740,000
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| Maturity: | May 9, 2023
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 1.5 times any ETF gain, capped at par plus 20%; otherwise, full exposure to ETF’s decline
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| Initial share price: | $21.89
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| Pricing date: | April 4
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| Settlement date: | April 7
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1.93%
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| Cusip: | 40057LLJ8
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