Published on 3/15/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $500,000 contingent coupon autocalls on S&P, Stoxx, Nasdaq Tech
Chicago, March 16 – GS Finance Corp. priced $500,000 of autocallable contingent coupon notes due March 5, 2026 linked to the S&P 500 index, the Euro Stoxx 50 index and the Nasdaq-100 Technology Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each month, the notes pay a contingent coupon at an annualized rate of 10% if each index closes at or above its trigger level, 80% of its initial level, on the observation date for that period.
The notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date prior to maturity beginning in February 2021 and ending in January 2026.
The payout at maturity will be par unless any index closes below its 80% trigger level, in which case investors will lose 1% for every 1% decline of the least-performing index from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index and Nasdaq-100 Technology Sector index
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| Amount: | $500,000
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| Maturity: | March 5, 2026
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| Coupon: | 10% per year, payable each month that each index closes at or above its trigger level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index closes below trigger level, in which case 1% loss for every 1% that least-performing index declines from initial level
|
| Call: | Automatically called at par if each index closes at or above its initial level on any monthly observation date beginning in February 2021 and ending in January 2026
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| Initial levels: | 2,954.22 for S&P, 3,329.49 for Euro Stoxx and 5,135.312 for Nasdaq Technology
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| Coupon trigger/buffer levels: | 80% of initial levels
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| Pricing date: | March 2
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| Settlement date: | March 5
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.375%
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| Cusip: | 40056YQE7
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