Published on 8/16/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $4.22 million leveraged market-linked buffered autocalls on stock basket
By William Gullotti
Buffalo, N.Y., Aug. 16 – GS Finance Corp. priced $4.22 million of 0% market-linked securities – autocallable with leveraged upside participation and fixed percentage buffered downside due Aug. 3, 2026 linked to a basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Apple Inc., Advanced Micro Devices, Inc., Broadcom Inc., Microsoft Corp. and Nvidia Corp., each with a 20% weight.
The notes will be automatically called at par plus an 11.7% premium if the basket closes at or above its initial level on Aug. 2, 2024.
The payout at maturity will be par plus 150% of any basket gain.
Investors will receive par if the basket falls by no more than 15% and will lose 1% for every 1% decline of the basket beyond 15%.
The securities are guaranteed by Goldman Sachs Group, Inc.
Wells Fargo Securities LLC and Goldman Sachs & Co. LLC are the agents.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Market-linked securities – autocallable with leveraged upside participation and fixed percentage buffered downside
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| Underlying stocks: | Apple Inc., Advanced Micro Devices, Inc., Broadcom Inc., Microsoft Corp., Nvidia Corp.; equal weights
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| Amount: | $4,215,000
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| Maturity: | Aug. 3, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 150% of any basket gain; if basket falls by up to 15%, par; otherwise, 1% loss for every 1% decline of basket beyond 15%
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| Call: | Automatically at par plus an 11.7% premium if the basket closes at or above its initial level on Aug. 2, 2024
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| Initial levels: | $195.83 for Apple, $112.96 for AMD, $899.79 for Broadcom, $338.37 for Microsoft, $467.50 for Nvidia
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| Buffer level: | 85% of initial level
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| Pricing date: | July 28
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| Settlement date: | Aug. 2
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| Agent: | Wells Fargo Securities LLC and Goldman Sachs & Co. LLC
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| Fees: | 2.575%
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| Cusip: | 40057TL51
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