Published on 8/20/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $20 million autocallable notes linked to tech stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 20 – GS Finance Corp. priced $20 million autocallable equity-linked notes due Aug. 18, 2022 linked to the least performing of the shares of Amazon.com, Inc., Microsoft Corp., Alphabet Inc. and Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus 16.3% interest if the worst-performing stock closes at or above its initial price on Aug. 30, 2021.
If the notes are not called and the final price each stock is at least 60% of its initial price, the payout at maturity will be par plus 32.6%. Otherwise, investors will be exposed to the decline of the worst performing stock.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter with JPMorgan as placement agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable equity-linked notes
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Underlying stocks: | Amazon.com, Inc., Microsoft Corp., Alphabet Inc. and Facebook, Inc.
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Amount: | $20 million
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Maturity: | Aug. 18, 2022
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each stock finishes at or above downside threshold, par plus 32.6%; otherwise, 1% loss for every 1% that least-performing stock’s final level is below initial level
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Call: | At par plus 16.3% if each stock closes at or above its initial level on Aug. 30, 2021
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Initial levels: | $3,148.02 for Amazon, $208.90 for Microsoft, $261.24 for Facebook and $1,504.63 for Alphabet
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Downside thresholds: | 60% of initial levels
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Final levels: | Average of closing levels on five trading days ending Aug. 15, 2022
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Pricing date: | Aug. 17
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Settlement date: | Aug. 20
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Underwriter: | Goldman Sachs & Co. LLC
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Placement agent: | JPMorgan
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Fees: | 0.65%
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Cusip: | 40057CNR8
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