Published on 5/28/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $2.75 million callable contingent coupon notes on S&P, Russell
By Sarah Lizee
Olympia, Wash., May 28 – GS Finance Corp. priced $2.75 million of callable contingent coupon index-linked notes due May 29, 2025 linked to 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 pay a contingent semiannual coupon at an annualized rate of 8% if each index closes at or above its 55% coupon trigger level on the determination date for that period.
The notes may be called at par plus any contingent coupon due on any coupon payment date starting in November.
If the notes are not called, the payout will be par plus any final coupon due if each index finishes at or above 55% of its initial level. Otherwise, investors will be fully exposed to the decline of the lesser performing index.
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: | Callable contingent coupon index-linked notes
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Underlying indexes: | S&P 500, Russell 2000
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Amount: | $2,748,000
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Maturity: | May 29, 2025
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Contingent coupon: | 8% per year, payable semiannually if each index closes at or above coupon trigger level on determination date for period
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Price: | Par
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Payout at maturity: | If the notes are not called, par plus any final coupon due if each index finishes at or above 55% of its initial level; otherwise, investors will be fully exposed to the decline of the lesser performing index
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Call option: | At par plus any contingent coupon due on any coupon payment date beginning in November
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Initial levels: | 1,355.531 for Russell, 2,955.45 for S&P
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Coupon trigger levels: | 55% of initial levels
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Pricing date: | May 22
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Settlement date: | May 29
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.35%
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Cusip: | 40057EBL0
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