Published on 5/20/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2.36 million index-linked autocallables on Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, May 20 – GS Finance Corp. priced $2.36 million of 0% index-linked notes due May 24, 2027 tied to the lesser performing of the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be called at par plus 8.8% a year if both indexes close above their initial level on any annual call date.
The payout at maturity will be par plus 61.6% if each index finishes at or above its initial level. If either index finishes below its initial level but neither index finishes below its 80% trigger level, the payout will be par. Otherwise, investors will be exposed to the decline of the lesser performing index beyond 20%.
Goldman, Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Index-linked autocallable notes
|
| Underlying indexes: | Russell 2000 index, Dow Jones industrial average
|
| Amount: | $2,358,000
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| Maturity: | May 24, 2027
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| Coupon: | 0%
|
| Price: | Par of $1,000
|
| Call: | At par plus 8.8% annualized call premium if both indexes close above their initial level on any annual call date
|
| Payout at maturity: | Par plus 61.6% if each index finishes at or above its initial level; if either index finishes below its initial level but neither index finishes below 80% buffer level, par; otherwise, exposure to decline of lesser performing index beyond buffer
|
| Initial levels: | 1,256.992 for Russell, 23,685.42 for Dow
|
| Pricing date: | May 15
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| Settlement date: | May 20
|
| Agent: | Goldman, Sachs & Co. LLC
|
| Fees: | 4.05%
|
| Cusip: | 40057C2F7
|
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