Published on 10/17/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.24 million autocallable contingent coupon notes on indexes
By Taylor Fox
New York, Oct. 19 – GS Finance Corp. priced $3.24 million of autocallable contingent coupon notes due Sept. 23, 2025 linked to the Dow Jones industrial average, the S&P 500 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.
The notes will pay a contingent quarterly coupon of 4.75% per annum if each index closes at or above its 65% coupon trigger level on the determination date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly determination date after one year.
The payout at maturity will be par unless any index finishes below its 65% trigger buffer level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
Goldman Sachs & Co.LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000, S&P 500
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| Amount: | $3,242,000
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| Maturity: | Sept. 23, 2025
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| Contingent coupon: | 4.75% annualized, payable quarterly if each index closes at or above 65% coupon trigger level on the determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its trigger buffer level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level
|
| Call: | Automatically at par each index closes at or above initial level on any quarterly call determination date after one year
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| Initial index levels: | 3,385.49 for S&P, 28,032.38 for Dow and 1,552.329 for Russell
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| Coupon trigger levels: | 65% of initial levels
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| Trigger buffer levels: | 65% of initial levels
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| Pricing date: | Sept. 16
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| Settlement date: | Sept. 21
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| Agent: | Goldman, Sachs & Co. LLC
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| Fees: | 4.1%
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| Cusip: | 40057CUQ2
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