Published on 10/27/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $627,000 index-linked notes on S&P, Russell, Nasdaq
By Taylor Fox
New York, Oct. 27 – GS Finance Corp. priced $627,000 of 0% index-linked notes due Sept. 30, 2025 tied to the S&P 500 index, the Nasdaq-100 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.
If each index finishes at or above its initial level, the payout at maturity will be par plus the greater of $1,250 for each $1,000 principal amount of notes or par plus the lesser performing index return.
If any index falls, but not more than 30%, indexes will receive par plus the absolute value of the lesser performing index’s return.
If any index falls by more than 30%, investors will lose 1% for every 1% that the least-performing index declines beyond its initial level.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Index-linked notes
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| Underlying indexes: | S&P 500, Russell 2000, Nasdaq-100
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| Amount: | $627,000
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| Maturity: | Sept. 30, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each index finishes above its initial level, investors will receive greater of par plus lesser performing index’s return or $1,250 per $1,000 of notes; par plus absolute value of laggard index if worst performer declines but not more than 30%; otherwise full exposure to losses of worst performer
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| Initial index levels: | 3,298.46 for S&P, 1,474.908 for Russell and 11,151.13 for Nasdaq
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| Buffer levels: | 70% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 4.46%
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| Cusip: | 40057CSZ5
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