Published on 4/4/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.64 million contingent coupon underlier-linked notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., April 4 – GS Finance Corp. priced $1.64 million of 0% callable contingent coupon underlier-linked notes due May 9, 2024 linked to the lesser performing of the Russell 2000 index, the Nasdaq-100 index and the Invesco S&P 500 High Beta ETF, 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 quarterly contingent coupon at an annual rate of 8.4% if each underlier finishes above its 70% coupon trigger level on the related observation date.
The company can redeem the notes at its option at par plus any coupon due on any quarterly coupon payment date starting after six months.
If the return of each underlier is greater than or equal to negative 20%, the payout will be par.
If any underlier falls by more than 20%, investors will lose 1.25% for each 1% decline of the worst performer beyond the 20% buffer.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon underlier-linked notes
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| Underlying assets: | Russell 2000 index, Nasdaq-100 index, Invesco S&P 500 High Beta ETF
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| Amount: | $1,635,000
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| Maturity: | May 9, 2024
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| Coupon: | 8.4% annual rate, payable quarterly if all underliers finish above coupon trigger levels on related observation date
|
| Price: | Par
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| Payout at maturity: | Par if all underliers finish above buffer levels; otherwise, 1.25% loss for each 1% decline of worst performer beyond 20% buffer
|
| Call option: | At par plus any coupon due on any quarterly coupon payment date starting after six months
|
| Initial levels: | 2,241.366 for Russell, 13,503.37 for Nasdaq, $74.31 for ETF
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| Coupon trigger levels: | 70% of initial levels
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| Buffer levels: | 80% of initial levels
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| Pricing date: | May 5, 2021
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| Settlement date: | May 10, 2021
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| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 0.5%
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| Cusip: | 40057HB66
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