Published on 7/8/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.48 million autocallable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, July 8 – GS Finance Corp. priced $1.48 million of autocallable contingent coupon notes due Jan. 3, 2023 linked to the S&P 500 index, the Nasdaq-100 index and the Dow Jones industrial average, 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 quarterly coupon of 10% per annum if each index closes at or above its 70% coupon trigger level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date beginning in July 2021.
The payout at maturity will be par plus the final coupon unless any index finishes below 70% of its initial level, in which case investors will be fully exposed to the decline of the least performing index from its initial level.
Goldman Sachs & Co. LLC is the underwriter.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Autocallable contingent coupon notes
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Underlying indexes: | S&P 500 index, Nasdaq-100 index, Dow Jones industrial average
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Amount: | $1,477,000
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Maturity: | Jan. 3, 2023
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Contingent coupon: | 10% annualized, payable quarterly if each index closes at or above 70% coupon trigger level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus final coupon unless any index finishes below its trigger level, in which case full exposure to decline of least performing index
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date beginning in July 2021
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Initial index levels: | 3,009.05 for S&P, 9,849.356 for Nasdaq, 25,015.55 for Dow
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Coupon trigger levels: | 70% of initial levels
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Trigger levels: | 70% of initial levels
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Pricing date: | June 26
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Settlement date: | July 1
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Underwriter: | Goldman Sachs & Co. LLC
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Fees: | 0.765%
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Cusip: | 40057CCB5
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