Published on 3/22/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.88 million autocallable contingent coupon notes on Russell, MSCI EM, S&P
By Wendy Van Sickle
Columbus, Ohio, March 22 – GS Finance Corp. priced $1.88 million of autocallable contingent coupon notes due March 3, 2025 linked to the S&P 500 index, the MSCI Emerging Markets 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.
The notes will pay a contingent quarterly coupon of 10.5% per annum if each index closes at or above its 70% coupon trigger level on the determination date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par if all indexes finish above their initial levels or if no index ever closes below 70% of its initial level on any day during the life of the notes. Otherwise, investors will 1.4286% for each 1% decline of the least performing index beyond 30%.
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 contingent coupon notes
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| Underlying indexes: | S&P 500, MSCI Emerging Markets and Russell 2000
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| Amount: | $1,875,000
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| Maturity: | March 3, 2025
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| Contingent coupon: | 10.5% annualized, payable quarterly if each index closes at or above coupon trigger level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below its initial level and any index has ever closed below its trigger buffer level during the life of the notes, in which case 1.4286% for each 1% decline of least performing index beyond 30%
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date
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| Initial index levels: | 1,339.26 for MSCI Emerging, 2,266.785 for Russell, 3,811.15 for S&P
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| Coupon trigger levels: | 70% of initial levels
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| Trigger buffer levels: | 70% of initial levels
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| Pricing date: | Feb. 26
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| Settlement date: | March 3
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.3%
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| Cusip: | 40057FP99
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