Published on 8/31/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $153,000 autocallable index-linked notes on Nasdaq, Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, Aug. 31 – GS Finance Corp. priced $153,000 of 0% autocallable index-linked notes due Aug. 28, 2024 tied to 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 be called at par plus 1.1 times the return of the least performing index if each index closes at or above its call index level on any annual call observation date. The call level for each index will be 102% of its initial level on the first call date and will step up by 2% each year.
If the notes are not called and each index closes at or above its initial level, the payout at maturity will be par plus 1.1 times return of least performing index.
If any index falls by up to 35%, the payout at maturity will be par.
If any index falls by more than 35%, investors will be exposed to any losses of the least-performing index.
Goldman Sachs & Co. is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable index-linked notes
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| Underlying indexes: | Nasdaq-100, Dow Jones industrial average, Russell 2000
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| Amount: | $153,000
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| Maturity: | Aug. 28, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above initial level, par plus 1.1 times return of least performing index; if any index falls by up to 35%, par; if any index falls by more than 35%, par plus return of least-performing index, with full exposure to losses
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| Call: | At par 1.1 times return of least performing index if each index closes at or above its call level on any annual call observation date
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| Call level: | 102% of initial level on first call date, steps up by 2% each year
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| Initial index levels: | 28,331.92 for Dow, 11,971.94 for Nasdaq and 3,478.73 for S&P
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| Pricing date: | Aug. 26
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| Settlement date: | Aug. 31
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| Agent: | Goldman Sachs & Co.
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| Fees: | 4.475%
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| Cusip: | 40057CLM1
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