Published on 10/15/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $687,000 equity-linked autocalls tied to four stocks
By Wendy Van Sickle
Columbus, Ohio, Oct. 15 – GS Finance Corp. priced $687,000 of 0% autocallable equity-linked notes due Sept. 30, 2025 linked to the least performing of the common stocks of Advanced Micro Devices, Inc., Apple Inc., Nvidia Corp. and Broadcom Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be called at par plus 27.05% a year if each stock closes above its call level on any annual call observation date; the call level starts at 100% of the initial level and declines by 10% a year.
If all four stocks finish at or above 60% of their initial value, the payout at maturity will be par plus 135.25%.
If the worst performing stock finishes below 60% of its initial value but not lower than 50% of its initial value, the payout at maturity will be par.
If any stock falls by more than 50%, investors will be exposed to the decline of the least performing stock.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable equity-linked notes
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| Underlying stocks: | Advanced Micro Devices, Inc., Apple Inc., Nvidia Corp. and Broadcom Inc.
|
| Amount: | $687,000
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| Maturity: | Sept. 30, 2025
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | At par plus 27.05% a year if each stock closes above call level on any annual call observation date; call level is 100% of initial share price on Sept. 27, 2021, 90% of initial share price on Sept. 26, 2022, 80% of initial share price on Sept. 25, 2023 and 70% of initial share price on Sept. 25, 2024
|
| Payout at maturity: | If worst performer finishes above 60% of initial value, par plus 135.25%; if worst performer finishes below 60% but above 50% of initial value, par; otherwise exposure to losses of worst performer
|
| Initial prices: | $78.055 for Advanced Micro, $112.28 for Apple, $356.80 for Broadcom and $514.95 for Nvidia
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 1.1%
|
| Cusip: | 40057CWN7
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