Published on 5/20/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance $2.69 million capped trigger in-step securities tied to S&P
By Sarah Lizee
Olympia, Wash., May 20 – GS Finance Corp. priced $2.69 million of 0% capped trigger in-step securities due May 18, 2023 linked to 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 the final index level is greater than or equal to the downside threshold, 75% of the initial index level, the payout at maturity will be par of $10 plus the greater of the step return of 12% and the index return, subject to a maximum payout of $13.37 per $10 note. If the final index level is less than the downside threshold, investors will have one-to-one exposure to the index’s decline from its initial level.
Goldman Sachs & Co. LLC and UBS Financial Services Inc. are the agents.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Capped trigger in-step securities
|
| Underlying index: | S&P 500 index
|
| Amount: | $2,693,000
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| Maturity: | May 18, 2023
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If index finishes at or above downside threshold, par plus greater of 12% and index return; capped at $13.37 per $10 note; otherwise, full exposure to loss
|
| Initial index level: | 2,863.7
|
| Downside threshold: | 2,147.78, 75% of initial level
|
| Pricing date: | May 15
|
| Settlement date: | May 20
|
| Agents: | Goldman Sachs & Co. LLC and UBS Financial Services Inc.
|
| Fees: | 2.675%
|
| Cusip: | 36259J225
|
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