Published on 8/4/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $11.42 million trigger step securities on S&P 500
By Marisa Wong
Los Angeles, Aug. 4 – GS Finance Corp. priced $11,421,760 of 0% trigger step securities due July 31, 2025 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If the index finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the index return and 22.4%.
Investors will receive par if the index falls by up to 25% and will be fully exposed to any losses if the index finishes below the 75% downside threshold level.
Goldman Sachs & Co. is the underwriter with UBS Financial Services Inc. as selling agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger step securities
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| Underlying index: | S&P 500
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| Amount: | $11,421,760
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| Maturity: | July 31, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index finishes flat or gains, par plus greater of 22.4% and index return; par if index falls by up to 25%; full exposure to losses if index finishes below downside threshold
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| Initial index level: | 3,218.44
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| Downside threshold: | 2,413.83, 75% of initial level
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| Pricing date: | July 28
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| Settlement date: | July 31
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| Underwriter: | Goldman Sachs & Co. LLC with UBS Financial Services Inc. as selling agent
|
| Fees: | 3.85%
|
| Cusip: | 36259J738
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