Published on 10/22/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $360,000 autocallable index-linked notes on S&P, Dow, Russell
By Taylor Fox
New York, Oct. 22 – GS Finance Corp. priced $360,000 of 0% autocallable index-linked notes due Sept. 25, 2025 tied to the S&P 500 index, the Dow Jones industrial average 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.
Beginning Sept. 20, 2021, the notes will be called at par plus an annualized 8% call premium if each index closes at or above its call index level on any quarterly call observation date.
If the notes are not called and each index closes at or above its initial level, the payout at maturity will be $1,400 per $1,000 of notes.
If any index falls by up to 35%, the payout at maturity will be par.
If any index falls by more than 35%, investors will be exposed to any losses 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: | Autocallable index-linked notes
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Underlying indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000
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Amount: | $360,000
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Maturity: | Sept. 25, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If each index finishes at or above initial level, $1,400 per $1,000 of notes; if any index falls by up to 35%, par; if any index falls by more than 35%, par plus return of least-performing index, with full exposure to losses
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Call: | Beginning Sept. 20, 2021, callable quarterly at an annualized 8% premium if all indexes close above initial levels on quarterly call observation date
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Initial index levels: | 27,657.42 for Dow, 3,319.47 for S&P and 1,536.779 for Russell
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Pricing date: | Sept. 18
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Settlement date: | Sept. 23
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 3.85%
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Cusip: | 40057CTB7
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