Published on 9/4/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $825,000 callable contingent coupon notes on Dow, Nasdaq, Russell
By Sarah Lizee
Olympia, Wash., Sept. 4 – GS Finance Corp. priced $825,000 of callable contingent coupon index-linked notes due Sept. 5, 2023 linked to the least performing of the Dow Jones industrial average, Russell 2000 index and Nasdaq-100 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 10.2% 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.
If each index finishes above its trigger level, 70% of its initial level, the payout will be par.
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.
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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: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
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| Amount: | $825,000
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| Maturity: | Sept. 5, 2023
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| Contingent coupon: | 10.2% per year, payable semiannually if each index closes at or above coupon trigger level on semiannual determination date
|
| Price: | Par
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| Payout at maturity: | If each index finishes above trigger level, par; 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
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| Initial index levels: | 12,292.860 for Nasdaq, 28,645.66 for Dow and 1,578.581 for Russell
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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: | Sept. 1
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| Settlement date: | Sept. 4
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 40057CPA3
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