New Issue: GS Finance sells $448,000 index-linked notes on Nasdaq, S&P

By Kiku Steinfeld

Chicago, Oct. 3 – GS Finance Corp. priced $448,000 of 0% index-linked notes due March 25, 2025 tied to the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If each index finishes at or above its initial level, the payout will be par plus 10.1%.

If either index declines by up to 33%, the payout will be par plus absolute value of return of the lesser performing index.

If either index declines by more than 33%, investors will lose 1% for every 1% decline of the lesser performing index beyond the 33% buffer.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	Nasdaq-100 and S&P 500
Amount:	$448,000
Maturity:	March 25, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above its initial level, par plus 10.1%; if either index declines by up to 33%, par plus absolute value of return of lesser performing index; if either index declines by more than 33%, 1% loss for every 1% decline of the lesser performing index beyond the 33% buffer.
Initial levels:	12,562.61 for Nasdaq, 3,951.57 for S&P
Buffer levels:	67% of initial levels
Pricing date:	March 20, 2023
Settlement date:	March 23, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	2.55%
Cusip:	40057R2J6

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