Published on 10/5/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $5.2 million step down trigger autocallable notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Oct. 5 – GS Finance Corp. priced $5.2 million of 0% step down trigger autocallable notes due Oct. 2, 2026 linked to the least performing of the Russell 2000 index, the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 10.75% if each index closes at or above its initial level on any annual observation date.
If the notes are not called, the payout at maturity will be par plus 32.25% unless any index finishes below its 70% downside threshold, in which case investors will be fully exposed to the decline of the worst performing index from its initial level.
The guarantor is Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter with UBS Financial Services Inc. as the selling agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Step down trigger autocallable notes
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $3,400,100
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| Maturity: | Oct. 2, 2026
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above 70% downside threshold, par plus 32.25%; otherwise, 1% loss for each 1% decline of worst performing index from initial level
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| Call: | At par plus 10.75% per year if each index closes at or above its call threshold level on any annual observation date
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| Initial levels: | 4,288.05 for S&P 500, 33,507.5 for Dow, 1,785.102 for Russell
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| Downside thresholds: | 3,001.635 for S&P 500, 23,455.25 Dow, 1,249.571 for Russell; 70% of initial levels
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| Pricing date: | Oct. 2
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| Settlement date: | Oct. 5
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| Agent: | Goldman Sachs & Co. LLC
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| Underwriter: | UBS Financial Services Inc.
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| Fees: | None
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| Cusip: | 36266M344
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