Published on 7/14/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $970,000 autocallable contingent coupon notes on indexes, ETF
By Kiku Steinfeld
Chicago, July 14 – GS Finance Corp. priced $970,000 of autocallable contingent coupon notes due June 2, 2026 linked to the ARK Innovation ETF, the S&P 500 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 7% per annum if each asset closes at or above its 60% coupon barrier level on the determination date for that quarter.
After one year, the notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par unless any asset closes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the least-performing asset.
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 assets: | ARK Innovation ETF, S&P 500 and Russell 2000 indexes
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| Amount: | $970,000
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| Maturity: | June 2, 2026
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| Contingent coupon: | 7% annualized, payable quarterly if each component closes at or above 60% coupon barrier level on the determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par, unless any asset closes below its 60% trigger level, in which case 1% loss for each 1% decline of lesser-performing asset
|
| Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on any quarterly determination date after one year
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| Initial levels: | $109.38 for ETF, 4,188.13 for S&P and 2,205.750 for Russell 2000
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| Coupon barriers: | 60% of initial levels
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| Trigger levels: | 60% of initial levels
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| Pricing date: | May 25
|
| Settlement date: | May 28
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 4%
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| Cusip: | 40057HES5
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