Published on 12/20/2019 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $3.99 million autocallable jump securities tied to three indexes
Chicago, Dec. 20 – GS Finance Corp. priced $3.99 million of 0% jump securities with autocallable feature due Nov. 28, 2022 linked to the worst performing of the S&P 500 index, Russell 2000 index and Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Goldman Sachs Group, Inc.
The notes will be called at par plus an annual premium of 11% if each index closes at or above its initial level on any quarterly call observation date beginning Dec. 1, 2020.
The payout at maturity will be par plus 33% if each index finishes at or above its initial level. If the worst performing index declines by no more than 40%, the payout will be par. If the worst performing index finishes below its 60% downside threshold level, investors will be fully exposed to the decline.
Goldman Sachs & Co. is the underwriter with Morgan Stanley Wealth Management as a dealer.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Jump securities with autocallable feature
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $3,987,000
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| Maturity: | Nov. 28, 2022
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| Coupon: | 0%
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| Price: | Par of $10
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| Call: | At par plus 11% a year if each index closes above initial level on any quarterly review date after a year
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| Payout at maturity: | If each index finishes at or above downside threshold, par plus 33%; if worst performing index falls by up to 40%, par; otherwise, full exposure to loss of worst performing index
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| Initial levels: | 3,110.29 for S&P, 1,588.943 for Russell and 3,687.32 for Stoxx
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| Downside thresholds: | 1,866.174 for S&P, 953.3658 for Russell and 2,212.392 for Stoxx; 60% of initial levels
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| Trade date: | Nov. 22
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| Settlement date: | Nov. 27
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| Agent: | Goldman Sachs & Co. with Morgan Stanley Wealth Management handling distribution
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| Fees: | 2.75%
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| Cusip: | 36259E424
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