Published on 10/11/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2.05 million callable contingent coupon index-linked notes
By William Gullotti
Buffalo, N.Y., Oct. 12 – GS Finance Corp. priced $2.05 million of callable contingent coupon index-linked notes due Oct. 4, 2027 tied to the Dow Jones industrial average, the S&P 500 Value index and the Russell 2000 Value 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 at an annual rate of 7% if each index closes at or above the coupon trigger level, 70% of the initial level, on the valuation date for that period.
The notes may be called at par plus any coupon due on any quarterly call observation date after six months.
If the notes are not called and each index finishes at or above its coupon trigger level, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below the coupon trigger but at or above its 60% trigger buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
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: | Callable contingent coupon index-linked notes
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Underlying indexes: | S&P 500 Value index, Russell 2000 Value index, Dow Jones industrial average
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Amount: | $2,046,000
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Maturity: | Oct. 4, 2027
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Coupon: | 7% annualized rate, payable quarterly if each index closes at or above coupon trigger level, on valuation date for that period
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Price: | Par
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Payout at maturity: | If all indexes finish at or above coupon trigger level, par plus final coupon; if worst performer finishes below coupon trigger but at or above trigger buffer level, par; otherwise, lose 1% for every 1% decline of worst performer from initial level
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Call: | At par plus any coupon due on any quarterly call observation date after six months
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Initial index levels: | 1,461.86 for S&P Value, 2,423.335 for Russell Value, 34,390.72 for Dow
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Trigger buffer levels: | 60% of initial levels
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Coupon trigger levels: | 70% of initial levels
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Pricing date: | Sept. 29
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Settlement date: | Oct. 4
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.25%
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Cusip: | 40057JM60
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