By William Gullotti
Buffalo, N.Y., Dec. 2 – GS Finance Corp. priced $1.67 million of autocallable contingent coupon ETF-linked notes due March 7, 2024 tied to the Invesco QQQ Trust, Series 1 and the SPDR S&P 500 ETF Trust, 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 9.4% if each ETF closes at or above the coupon trigger level, 70% of the initial level, on the valuation date for that period.
The notes will be called at par plus a coupon if each ETF closes at or above its initial level on any monthly call observation date after six months.
If the notes are not called and each ETF finishes at or above 70% of initial value, the payout will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
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: | Autocallable contingent coupon ETF-linked notes
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| Underlying ETFs: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust
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| Amount: | $1,674,000
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| Maturity: | March 7, 2024
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| Coupon: | 9.4% annualized rate, payable monthly if each ETF closes at or above coupon trigger level, on valuation date for that period
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above trigger buffer level, par plus coupon; if any ETF falls by more than 30%, lose 1% for every 1% decline of worst performer from initial level
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| Call: | At par plus coupon if each ETF closes at or above its initial level on any monthly call observation date after six months
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| Initial ETF levels: | $280.57 for QQQ, $395.23 for SPDR
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| Trigger buffer levels: | 70% of initial levels
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| Coupon trigger levels: | 70% of initial levels
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| Pricing date: | Nov. 29
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| Settlement date: | Dec. 2
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 2.25%
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| Cusip: | 40057NZZ3
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