Published on 3/27/2020 in the Prospect News Structured Products Daily.
New Issue: Goldman sells $3 million callable contingent coupon notes on Nasdaq, Russell, Dow
Chicago, March 27 – GS Finance Corp. priced $3 million of callable contingent coupon notes due March 19, 2027 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 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 annual rate of 16% if each underlier closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be callable quarterly at par plus any coupon due on any quarterly call valuation date after a year.
The payout at maturity will be par plus any final coupon due unless any underlier finishes below the 50% trigger buffer level, in which case investors will lose 1% for each 1% decline of the worst performing underlier 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: | Callable contingent coupon notes
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| Underliers: | Dow Jones industrial average, Nasdaq-100 index and Russell 2000 index
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| Amount: | $3,000,000
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| Maturity: | March 19, 2027
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| Coupon: | 16%, payable quarterly if each underlier closes at or above coupon barrier on observation date
|
| Price: | Par
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| Call option: | At par plus any coupon due on any quarterly call valuation date after a year
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| Payout at maturity: | Par plus any coupon if all underlying indexes close above trigger buffer levels; otherwise 1% for each 1% decline of worse performing underlier from initial level
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| Initial levels: | 20,188.52 for Dow, 7,020.377 for Nasdaq, 1,037.416 for Russell
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| Coupon barriers: | 70% of initial levels
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| Barrier values: | 50% of initial levels
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| Pricing date: | March 16
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| Settlement date: | March 19
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 1.9%
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| Cusip: | 40056YVC5
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