By William Gullotti
Buffalo, N.Y., Nov. 5 – GS Finance Corp. priced $339,000 of autocallable contingent coupon ETF-linked notes due Aug. 4, 2026 tied to the SPDR S&P Metals & Mining ETF and the VanEck Vectors Gold Miners ETF, 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 6% if each ETF closes at or above the coupon trigger level, 70% of the initial level, on the valuation date for that period.
The notes will be called at par plus a coupon if each ETF closes at or above its initial level on any quarterly call observation date after one year.
If the notes are not called and each ETF finishes at or above its coupon trigger level, the payout will be par plus the final coupon.
If the worst performer finishes below its coupon trigger but at or above its 60% trigger buffer level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
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 ETF-linked notes
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Underlying ETFs: | SPDR S&P Metals & Mining ETF, VanEck Vectors Gold Miners ETF
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Amount: | $339,000
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Maturity: | Aug. 4, 2026
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Coupon: | 6% annualized rate, payable quarterly if each ETF closes at or above coupon trigger level, on valuation date for that period
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Price: | Par
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Payout at maturity: | If each ETF finishes at or above coupon trigger level, par plus final coupon; if the worst performer finishes below coupon trigger but at or above trigger buffer level, par; otherwise, lose 1% for every 1% of worst performer’s decline from initial level
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Call: | At par plus coupon if each ETF closes at or above its initial level on any quarterly call observation date after one year
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Initial ETF levels: | $43.37 for SPDR, $34.19 for VanEck
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Coupon trigger levels: | 70% of initial levels
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Trigger buffer levels: | 60% of initial levels
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Pricing date: | July 28
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Settlement date: | July 30
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 3.5%
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Cusip: | 40057HXH8
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