Published on 7/17/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $790,000 leveraged buffered notes on S&P 500
By Kiku Steinfeld
Chicago, July 17 – GS Finance Corp. priced $790,000 of 0% leveraged buffered index-linked notes due Nov. 29, 2021 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If the index finishes above its initial level, the payout at maturity will be par plus 1.5 times the gain, capped at $1,146.25 for each $1,000 face amount of notes.
If the index finishes flat or falls by up to 10%, investors will receive par. Otherwise, investors will lose 1.1111% for every 1% decline beyond 10%.
Goldman Sachs & Co. LLC is the agent with J.P. Morgan Securities LLC acting as the placement agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Leveraged buffered index-linked notes
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Underlying index: | S&P 500
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Amount: | $790,000
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Maturity: | Nov. 29, 2021
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.5 times the gain, capped at $1,146.25 for each $1,000 face amount of notes; par if index finishes flat or falls by up to 10%; otherwise, 1.1111% loss for every 1% decline beyond 10%
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Initial index level: | 3,152.05
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Buffer level: | 90% of initial level
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Pricing date: | July 10
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Settlement date: | July 15
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Agent: | Goldman Sachs & Co. LLC with J.P. Morgan Securities LLC acting as the placement agent
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Fees: | 1.27%
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Cusip: | 40057CG96
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