Published on 2/5/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $7.9 million contingent income autocalls on PayPal, Square
By Wendy Van Sickle
Columbus, Ohio, Feb. 5 – GS Finance Corp. priced $7.9 million of contingent income autocallable securities due Jan. 19, 2024 linked to the common stock of PayPal Holdings, Inc. and Square, Inc, 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 quarterly coupon at an annual rate of 15.55% if the worst-performing stock closes at or above the 60% downside threshold on the related determination date.
The notes will be called at par of $10 plus the contingent coupon if the worst-performing stock closes at or above its initial price on any quarterly determination date.
The payout at maturity will be par plus the final coupon unless the worst-performing stock finishes below its 60% downside threshold, in which case investors will lose 1% for each 1% decline of that stock.
Goldman Sachs & Co. LLC is the agent. Morgan Stanley Wealth Management is the 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: | PayPal Holdings, Inc. and Square, Inc.
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| Amount: | $7,899,000
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| Maturity: | Jan. 19, 2024
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| Coupon: | 15.55% annual rate, payable quarterly if worst-performing stock closes at or above downside threshold level on determination date for that period
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| Price: | Par of $10
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| Payout at maturity: | If worst-performing stock finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to loss of laggard stock
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| Call: | At par plus contingent coupon if worst-performing stock closes at or above initial price on any quarterly determination date
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| Initial share price: | $239.79 for PayPal, $227.75 for Square
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| Downside threshold: | $143.874 for PayPal, $136.65 for Square, 60% of initial price
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| Pricing date: | Jan. 15
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| Settlement date: | Jan. 21
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| Agent: | 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: | 36259U428
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