New Issue: GS Finance sells $5.66 million trigger callable contingent yield notes on ETFs

By Wendy Van Sickle

Columbus, Ohio, March 19 – GS Finance Corp. priced $5.66 million trigger callable contingent yield notes due Sept. 16, 2025 linked to the least performing of the SPDR S&P 500 ETF trust, iShares Russell 2000 ETF and iShares MSCI EAFE ETF, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 15.35% per year if each ETF’s closing level is at or above its coupon barrier level, 70% of its initial level, on the determination date that quarter.

The notes will be callable at par plus any coupon on each quarterly observation date other than the final one.

If the notes are not called and each ETF finishes at or above its 60% downside threshold, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing ETF’s final level is below its initial level.

The notes are guaranteed by Goldman Sachs Group, Inc.

UBS Financial Services Inc. and Goldman Sachs & Co. LLC are the agents.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Trigger callable contingent yield securities
Underlying ETFs:	SPDR S&P 500 ETF trust, iShares Russell 2000 ETF and iShares MSCI EAFE ETF
Amount:	$5,655,000
Maturity:	Sept. 16, 2025
Coupon:	15.35% per year, payable each quarter that each ETF closes at or above its coupon barrier on determination date that quarter
Price:	Par of $10
Payout at maturity:	If each ETF finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing ETF’s final level is below initial level
Call option:	At par plus any coupon on any quarterly observation date other than final one
Initial levels:	$274.23 for S&P, $130.36 for Russell, $56.96 for EAFE
Coupon barriers:	$191.96 for S&P, $91.25 for Russell, $39.87 for EAFE; 70% of initial levels
Downside thresholds:	$164.54 for S&P, $78.22 for Russell, $34.18 for EAFE 60% of initial levels
Pricing date:	March 11
Settlement date:	March 16
Agent:	UBS Financial Services Inc. and Goldman Sachs & Co. LLC
Fees:	2.35%
Cusip:	36259H724

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