Published on 4/22/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.38 million index-linked autocallables on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, April 22 – GS Finance Corp. priced $3.38 million of 0% index-linked notes due Oct. 20, 2022 tied to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be called at par plus 15% if both indexes close above 110% of their initial level on May 17, 2021.
The payout at maturity will be par plus 1.5 times the return of lesser-performing index if each index finishes at or above its initial level. If either index falls but not below 80% of its initial level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the lesser performing index declines beyond 20%.
Goldman, Sachs & Co. LLC is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Index-linked autocallable notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $3,377,000
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Maturity: | Oct. 20, 2022
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Coupon: | 0%
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Price: | Par of $1,000
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Call: | At par plus 15% if both indexes close above 110% of their initial level on May 17, 2021
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Payout at maturity: | Par plus 1.5 times return of lesser-performing index if each index finishes at or above its initial level; par if either index falls but not below 80% of its initial level; otherwise, 1% loss for every 1% decline of lesser performing index beyond 20%
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Initial levels: | 2,874.56 for S&P, 1,229.098 for Russell
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Pricing date: | April 17
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Settlement date: | April 22
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Agent: | Goldman, Sachs & Co. LLC
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Fees: | 0.675%
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Cusip: | 40056YZC1
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