Published on 5/10/2024 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $115,000 leveraged notes linked to S&P 500 Daily Risk Control, CPI
By Kiku Steinfeld
Chicago, May 10 – GS Finance Corp. priced $115,000 of 0% leveraged index-linked notes due Aug. 5, 2026 linked to the S&P 500 Daily Risk Control 5% USD Excess Return index and the Consumer Price Index, according to a 424B2 filing with the Securities and Exchange Commission.
If the S&P index finishes above its initial level, the payout at maturity will be par plus 130% of the index’s return, plus the contingent CPI amount, if any. If the S&P index finishes at or below its initial level, the payout will be par. In either case, investors will also receive the increase in the Consumer Price Index, if any.
The contingent CPI amount is based on the non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers. If the level of the CPI for May 2026 (the final CPI level) is greater than the level of the CPI for May 2023 (the initial CPI level), the contingent CPI amount will equal the percentage increase or decrease in the final CPI level from the initial CPI level. If the final CPI level is equal to or less than the initial CPI level, no contingent CPI amount will be paid at maturity.
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 index-linked notes
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| Underlying indexes: | S&P 500 Daily Risk Control 5% USD Excess Return index and Consumer Price Index
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| Amount: | $115,000
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| Maturity: | Aug. 5, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the index return is positive, par plus 1.3 times the index return, plus any contingent CPI amount; otherwise, par plus any contingent CPI amount; if the level of the CPI for May 2026 (the final CPI level) is greater than the level of the CPI for May 2023 (the initial CPI level), the contingent CPI amount will equal the percentage increase or decrease in the final CPI level from the initial CPI level; if final CPI level is equal to or less than initial CPI level, no contingent CPI amount will be paid
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| Initial levels: | 165.78 for S&P index and 304.127 for CPI
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| Pricing date: | July 31, 2023
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| Settlement date: | Aug. 3, 2023
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1.02%
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| Cusip: | 40057TJ39
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