Published on 6/9/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $41,000 index-linked autocallables on Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, June 9 – GS Finance Corp. priced $41,000 of 0% index-linked notes due June 6, 2023 tied to the lesser performing of the Nasdaq-100 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 1.2 times the call return of the lesser-performing index if both indexes close at or above their call levels on any quarterly call date after a year. The call level will be 104% of each index’s initial level on the first call date and will step up by 2% on each subsequent call date. The call return for an index is the percentage increase in the closing level of that index on the preceding call observation date from its initial level.
The payout at maturity will be par plus 1.2 times the lesser-performing index’s return if each index finishes at or above its initial level. If either index finishes below its initial level but neither index finishes below its 75% trigger level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the lesser performing index.
Goldman Sachs & Co. LLC is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Index-linked autocallable notes
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Underlying indexes: | Nasdaq-100 index, Dow Jones industrial average
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Amount: | $41,000
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Maturity: | June 6, 2023
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Coupon: | 0%
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Price: | Par of $1,000
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Call: | At par plus 1.2 times call return of lesser-performing index if both indexes close at or above their call levels on any quarterly call date after one year; call level starts at 104% of initial level and goes up by 2% on each subsequent call date; call return for an index is the percentage increase in the closing level of that index on the preceding call observation date from its initial level
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Payout at maturity: | Par plus 1.2 times lesser performing index’s gain if each index finishes at or above its initial level; if either index finishes below its initial level but neither index finishes below 75% trigger level, par; otherwise, full exposure to decline of lesser performing index
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Initial levels: | 9,555.524 for Nasdaq, 25,383.11 for Dow
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Pricing date: | May 29
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Settlement date: | June 3
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 1.75%
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Cusip: | 40057EA23
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