Published on 7/29/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.38 million callable contingent coupon notes on S&P, Russell, Dow
By Kiku Steinfeld
Chicago, July 29 – GS Finance Corp. priced $1.38 million of callable contingent coupon index-linked notes due Jan. 30, 2023 linked to the least performing of the Dow Jones industrial average, 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 quarterly coupon at an annualized rate of 8.3% if each index closes at or above its 70% coupon trigger level on the determination date for that period.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any coupon payment date after one year.
If each index finishes above 70% of its initial level, the payout will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
|
| 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, Dow Jones industrial average
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| Amount: | $1,382,000
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| Maturity: | Jan. 30, 2023
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| Contingent coupon: | 8.3% per year, payable quarterly if each index closes at or above coupon trigger level on quarterly determination date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes above 70% of its initial level, par plus coupon; otherwise, full exposure to decline of the least performing index
|
| Call: | At par plus any contingent coupon at issuer’s option on any coupon payment date after one year
|
| Initial index levels: | 3,235.66 for S&P, 1,490.203 for Russell and 26,652.33 for Dow
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| Coupon trigger/trigger buffer levels: | 70% of initial levels
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| Pricing date: | July 23
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| Settlement date: | July 28
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| Agent: | Goldman Sachs & Co. LLC
|
| Fees: | 0.675%
|
| Cusip: | 40057CH95
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