Published on 9/1/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.43 million step-down trigger autocalls on Euro Stoxx, Russell
By Sarah Lizee
Olympia, Wash., Sept. 1 – GS Finance Corp. priced $3.43 million of 0% step-down trigger autocallable notes due Aug. 29, 2025 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Starting Sept. 1, 2021, the notes will be automatically called at par of $10 plus a call premium of 7.75% per year if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and the final level of the worse performing index is greater than or equal to its downside threshold, 75% of its initial level, the payout will be $13.875 per $10 note. Otherwise, investors will lose 1% for each 1% decline of the lesser-performing index from its initial level.
Goldman Sachs & Co. LLC and UBS Financial Services Inc. are the agents.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Step-down trigger autocallable notes
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| Underlying indexes: | Euro Stoxx 50 and Russell 2000
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| Amount: | $3,432,900
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| Maturity: | Aug. 29, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If final level of the worse performing index is greater than or equal to its downside threshold, $13.875 per $10 note; otherwise, 1% loss for each 1% decline of the lesser-performing index from its initial level
|
| Call: | Starting Sept. 1, 2021, the notes will be automatically called at par of $10 plus a call premium of 7.75% per year if each index closes at or above its initial level on any quarterly observation date
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| Initial levels: | 3,331.04 for Stoxx, 1,564.563 for Russell
|
| Downside thresholds: | 2,498.28 for Stoxx, 1,173.422 for Russell; 75% of initial levels
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 31
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| Agents: | Goldman Sachs & Co. LLC and UBS Financial Services Inc.
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| Fees: | 2.8%
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| Cusip: | 36259L444
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