Published on 11/11/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $3.55 million contingent income autocalls on tech stocks
By Kiku Steinfeld
Chicago, Nov. 12 – GS Finance Corp. priced $3.55 million of contingent income autocallable securities due Nov. 8, 2024 linked to the worst performing of the common stocks of Alphabet Inc., Amazon.com, Inc. and Apple 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 10.75% if the lowest performing stock closes at or above the 75% 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 stock closes at or above its initial price on any quarterly determination date after six months.
The payout at maturity will be par plus any final coupon due unless any stock finishes below its 70% downside threshold level, in which case, investors will lose 1% for each 1% share price decline of the worst performer.
Goldman Sachs & Co. LLC is the underwriter. Morgan Stanley Wealth Management is the dealer.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | Alphabet Inc., Amazon.com, Inc., Apple Inc.
|
| Amount: | $3,553,000
|
| Maturity: | Nov. 8, 2024
|
| Coupon: | 10.75% per year, payable each quarter that stock closes at or above coupon threshold level on determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus any final coupon due unless any stock finishes below its downside threshold levels, in which case, full exposure to share price decline of worst performer
|
| Call: | At par plus contingent coupon if lowest performing stock closes at or above initial price on any quarterly determination date after six months
|
| Initial share prices: | $2,977.04 for Alphabet, $3,518.99 for Amazon, $151.28 for Apple
|
| Coupon threshold levels: | $2,232.78 for Alphabet, $2,639.2425 for Amazon, $113.46 for Apple; 75% of initial levels
|
| Downside threshold levels: | $2,083.928 for Alphabet, $2,463.293 for Amazon, $105.896 for Apple; 70% of initial levels
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 10
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| Underwriter: | Goldman Sachs & Co. LLC
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.5%
|
| Cusip: | 36261U697
|
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