Published on 9/12/2023 in the Prospect News Structured Products Daily.
New Issue: GS prices $213,000 autocallable contingent coupon equity notes on three stocks
Chicago, Sept. 12 – GS Finance Corp. priced $213,000 of autocallable contingent coupon equity-linked notes due Sept. 3, 2025 linked to the stocks of Bank of America Corp., Dollar Tree, Inc. and United Parcel Service, Inc., 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 11.8% if each stock closes at or above its coupon barrier price, 60% of its initial price, on a related determination date.
The notes will be automatically called at par plus the coupon if each stock closes at or above its initial share price on any quarterly call observation date after six months.
If the notes have not been called, the payout at maturity will be par unless any stock finishes below its 60% barrier price, in which case investors will lose 1% for every 1% that the worst performer declines from initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Bank of America Corp., Dollar Tree, Inc. and United Parcel Service, Inc.
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| Amount: | $213,000
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| Maturity: | Sept. 3, 2025
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| Coupon: | 11.8% annual rate, payable monthly if closing price of each stock is greater than or equal to coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its 60% barrier price, in which case investors will lose 1% for every 1% that the worst performer declines from initial level
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| Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any quarterly observation date after six months
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| Initial share prices: | $34.03 for BofA, $138.7 for Dollar Tree, $198.93 for UPS
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| Coupon barrier prices: | 60% of initial levels
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| Final barrier prices: | 60% of initial levels
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| Pricing date: | Aug. 26, 2022
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| Settlement date: | Aug. 31, 2022
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 3%
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| Cusip: | 40057MSU4
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