Published on 8/11/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.24 million callable contingent coupon notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Aug. 11 – GS Finance Corp. priced $1.24 million of callable contingent coupon index-linked notes due Feb. 7, 2022 linked to the least performing of the Nasdaq-100 index, the Dow Jones industrial average 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 monthly coupon at an annualized rate of 14.25% if each index closes at or above its 70% coupon trigger level on the determination date for that period.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any coupon payment date after three months.
If each index finishes above 70% of its initial level, the payout will be par plus the final coupon.
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: | Callable contingent coupon index-linked notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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Amount: | $1,244,000
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Maturity: | Feb. 7, 2022
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Contingent coupon: | 14.25% per year, payable monthy if each index closes at or above coupon trigger level on determination date
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Price: | Par
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Payout at maturity: | If each index finishes above 70% of its initial level, par plus coupon; otherwise, full exposure to decline of the least performing index
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Call: | At par plus any contingent coupon at issuer’s option on any coupon payment date after three months
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Initial index levels: | 26,428.32 for Dow, 1,480.427 for Russell and 10,905.88 for Nasdaq
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Coupon trigger: | 70% of initial levels
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Pricing date: | July 31
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Settlement date: | Aug. 5
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.41%
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Cusip: | 40057CKR1
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