GS Finance to price trigger phoenix autocallables on Euro Stoxx, S&P

By Wendy Van Sickle

Columbus, Ohio, Jan. 7 – GS Finance Corp. plans to price trigger phoenix autocallable optimization securities due Jan. 22, 2026 linked to the worse performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7.75% to 8.5% if each index closes at or above its trigger level, 70% of its initial level, on the observation date for that quarter. The exact contingent coupon will be set at pricing.

The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after one year.

The payout at maturity will be par plus the final contingent coupon unless either index finishes below its 70% trigger level, in which case investors will receive par if neither index closes below 50% of its initial level. Otherwise, investors will be fully exposed to the loss of the worse performing index.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. is the underwriter.

The notes will price on Jan. 15 and settle on Jan. 21.

The Cusip number is 36250E217.

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