Published on 7/7/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $649,000 index-linked autocallables on Dow, S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, July 7 – GS Finance Corp. priced $649,000 of 0% index-linked notes due July1, 2025 tied to the least performing of the Nasdaq-100 index, 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.
The notes will be called at par plus 1.22 times the return of the least performing index if each index closes at or above its call level on any annual call date. The call level will be 102% of the initial level on the first call date and will step up by 2% each year.
The payout at maturity will be par plus 1.22 times the return of the least performing index if each index finishes at or above its initial level. If any index finishes below its initial level but no index finishes below its 70% trigger level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing index.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Index-linked autocallable notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Dow Jones industrial average
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| Amount: | $649,000
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| Maturity: | July 1, 2025
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Call: | At par plus 1.22 times return of least-performing index if each index closes at or above call level on any annual call date
|
| Call level: | 102% of initial level on first call date; steps up by 2% a year
|
| Payout at maturity: | Par plus 1.22 times least performing index return if each index finishes at or above its initial level; if either index finishes below its initial level but neither index finishes below 70% trigger level, par; otherwise, full exposure to decline of least performing index
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| Initial levels: | 10,002.7 for Nasdaq, 3,050.33 for S&P, 25,445.94 for Dow
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| Pricing date: | June 24
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| Settlement date: | June 29
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 4.475%
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| Cusip: | 40057CBS9
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