Published on 7/2/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.28 million autocallable index-linked notes on Russell, S&P
By Sarah Lizee
Olympia, Wash., July 2 – GS Finance Corp. priced $1.28 million of 0% autocallable index-linked notes due Dec. 30, 2021 tied to the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called on the call observation dates, Dec. 28, 2020 and June 25, 2021, at par plus 13.5% per year if the closing level of each index is greater than or equal to 95% of its initial level on the first call date and 90% of its initial level on the second call date.
If the notes are not called and each index finishes at or above 80% of its initial level, the payout will be par plus 20.25%.
Otherwise, investors will lose 1.25% for every 1% decline of the lesser performing index beyond 20%.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable index-linked notes
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| Underlying indexes: | Russell 2000, S&P 500
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| Amount: | $1,277,000
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| Maturity: | Dec. 30, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the notes are not called and each index finishes at or above 80% of its initial level, par plus 20.25%; 1.25% loss for every 1% decline of the lesser performing index beyond 20%
|
| Call: | Automatically called on the call observation dates, Dec. 28, 2020 and June 25, 2021, at par plus 13.5% per year if the closing level of each index is greater than or equal to 95% of its initial level on the first call date and 90% of its initial level on the second call date
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| Initial index levels: | 1,389.741 for Russell, 3,050.33 for S&P
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| Buffer levels: | 80% of initial levels
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| Pricing date: | June 25
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| Settlement date: | June 30
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.35%
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| Cusip: | 40057CCL3
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