New Issue: GS Finance sells $451,000 index-linked notes on S&P, Dow

By Kiku Steinfeld

Chicago, Dec. 1 – GS Finance Corp. priced $451,000 of 0% index-linked notes due April 24, 2028 tied to the S&P 500 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.

If each index closes at or above its initial level, the payout will be par plus 112.5% of the return of the lesser performing index.

If the lesser performing index falls by up to 20%, the payout will be par, investors will receive par plus the absolute value of that return.

Otherwise, investors will be fully exposed to losses of the worst performing index beyond 20%.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	S&P 500 index, Dow Jones industrial average
Amount:	$451,000
Maturity:	April 24, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If each index closes at or above its initial level, par plus 112.5% of return of the lesser performing index; if the lesser performing index falls by up to 20%, par plus absolute value of that return; otherwise, investors will be fully exposed to losses of the worst performing index beyond buffer
Initial index levels:	33,897.01 for Dow, 4,154.52 for S&P
Buffer levels:	80% of initial levels
Pricing date:	April 19, 2023
Settlement date:	April 24, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	3.85%
Cusip:	40057RHV3

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