Published on 11/21/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2.88 million contingent coupon index-linked notes on three indexes
By William Gullotti
Buffalo, N.Y., Nov. 21 – GS Finance Corp. priced $2.88 million of contingent coupon index-linked notes due April 1, 2024 tied to the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 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 annual rate of 9% if each index closes at or above the coupon trigger level, 80% of the initial level, on the valuation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
If each index finishes at or above its 80% trigger buffer level, the payout at maturity will be par plus all unpaid coupons.
Otherwise, investors will lose 1% for every 1% decline of the worst performer beyond 20%.
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: | Contingent coupon index-linked notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index, Dow Jones industrial average
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| Amount: | $2,882,000
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| Maturity: | April 1, 2024
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| Coupon: | 9% annualized rate, payable monthly if each index closes at or above coupon trigger level, on valuation date for that period; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger buffer, par plus all unpaid coupons; otherwise, 1% loss for every 1% decline of worst performer below 20%
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| Initial index levels: | 1,679.59 for Russell, 11,311.24 for Nasdaq, 29,590.41 for Dow
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| Trigger buffer level: | 80% of initial levels
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| Coupon trigger level: | 80% of initial levels
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| Pricing date: | Sept. 23
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| Settlement date: | Sept. 28
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.73%
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| Cusip: | 40057NBT3
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