Published on 3/18/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $13.6 million contingent income autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, March 18 – GS Finance Corp. priced $13.6 million of contingent income autocallable securities due March 9, 2023 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, 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 9.25% if the lowest performing index closes at or above the 70% downside threshold on the related quarterly determination date.
The notes will be called at par of $10 plus the contingent coupon if the lowest performing index closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus any final coupon unless the lowest performing index finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performer.
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 indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $13,604,000
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| Maturity: | March 9, 2023
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| Coupon: | 9.25% per year, payable each quarter that index closes at or above coupon threshold level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | If lowest performing index finishes at or above downside threshold, par plus any final coupon; otherwise, full exposure to decline of the worst performer
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| Call: | At par plus contingent coupon if lowest performing index closes at or above initial level on any determination date
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| Initial index levels: | 3,841.94 for S&P, 2,192.212 for Russell and 12,668.51 for Nasdaq
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| Coupon threshold levels: | 2,689.358 for S&P, 1,534.5484 for Russell and 8,867.957 for Nasdaq; 70% of initial levels
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| Downside thresholds: | 2,689.358 for S&P, 1,534.5484 for Russell and 8,867.957 for Nasdaq; 70% of initial levels
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| Pricing date: | March 5
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| Settlement date: | March 10
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| Agent: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.15%
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| Cusip: | 40057FMB7
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