By Taylor Fox
New York, Nov. 11 – GS Finance Corp. priced $9.99 million of contingent income autocallable securities due Oct. 19, 2023 linked to the common stock of Citigroup Inc., according to a 424B2 with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Each quarter, the notes pay a contingent coupon at the rate of 8% per year if the stock closes at or above its downside threshold level, 60% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par on any quarterly coupon payment date if the stock finishes above its initial level.
If the stock finishes at or above its downside threshold level, 60% of its initial level, the payout at maturity will be par plus the final contingent coupon. If the final index level is less than the downside threshold level, investors will be fully exposed to the stock’s decline from its initial level.
Goldman Sachs & Co. LLC is the underwriter. Morgan Stanley Wealth Management is acting as dealer.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Citigroup Inc.
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| Amount: | $9,987,350
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| Maturity: | Oct. 19, 2023
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| Coupon: | 8% per year, payable each quarter that stock closes at or above its downside threshold level on the determination date for that quarter
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| Price: | Par of $10
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| Call: | Automatically at par if stock closes above initial level on any quarterly coupon payment date
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| Payout at maturity: | If the stock finishes at or above its downside threshold level, par plus the final contingent coupon; if the final stock level is less than the downside threshold level, investors will be fully exposed to the stock’s decline from its initial level
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| Initial level: | $43.19
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| Downside threshold: | $25.914, 60% of initial level
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| Pricing date: | Oct. 16
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| Settlement date: | Oct. 21
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| Underwriter: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.675%
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| Cusip: | 36259Q104
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