By Kiku Steinfeld
Chicago, March 29 – GS Finance Corp. priced $2 million of 0% capped in-gears due July 6, 2026 tied to 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 initial index level will be the average of the index’s closing levels on each day during the period from and including March 15 to and including June 11. The final index level will be the average of the index’s closing levels on each day during the period from and including April 1, 2026 to and including June 30, 2026.
If the index finishes at or above 98% of its initial level, the payout at maturity will be par plus (i) 17.6% plus (ii) an additional 0.62% for each 1% by which the final level index exceeds 98% of its initial level, subject to a maximum settlement amount of $14.24 per $10.00 note.
If the index finishes below its 98% buffer level but at or above its 88% downside threshold, the payout will be par plus 1.76% for every 1% by which the final index level exceeds 88% of the initial index level.
If the index finishes below its 88% downside threshold, investors will lose 1% for every 1% decline in the index beyond 12%.
Goldman Sachs & Co. LLC is the agent with UBS Financial Services Inc. as selling agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Capped in-gears
|
| Underlying index: | Russell 2000 index
|
| Amount: | $2 million
|
| Maturity: | July 6, 2026
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes at or above 98% of initial level, par plus (i) 17.6% plus (ii) additional 0.62% for each 1% by which final index level exceeds 98% of initial index level, subject to maximum settlement amount of $14.24 per $10.00 note; if index finishes below 98% buffer level but at or above 88% downside threshold, par plus 1.76% for each 1% by which final index level exceeds 88% of initial index level; if index finishes below downside threshold, 1% loss for every 1% decline in index beyond 12%
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| Initial index level: | Average of closing levels on each day during period from and including March 15 to and including June 11
|
| Final level: | Average of closing levels on each day during the period from and including April 1, 2026 to and including June 30, 2026
|
| Buffer level: | 98% of initial level
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| Downside threshold: | 88% of initial level
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| Pricing date: | March 16
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| Settlement date: | March 19
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| Agent: | Goldman Sachs & Co. LLC with UBS Financial Services Inc. as selling agent
|
| Fees: | 0.85%
|
| Cusip: | 36259Y867
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