Published on 1/25/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $11.8 million contingent income autocalls on three tech stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 25 – GS Finance Corp. priced $11.8 million of contingent income autocallable securities due Jan. 10, 2025 linked to the stocks of Apple Inc., Netflix, Inc. and Alphabet 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 10.45% if the lowest performing stock closes at or above the 65% coupon 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.
If the lowest performing stock finishes at or above the 65% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% share price decline of the worst performer from its initial price.
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 stocks: | Apple Inc., Netflix, Inc., Alphabet Inc.
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| Amount: | $11,801,930
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| Maturity: | Jan. 10, 2025
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| Coupon: | 10.45% per year, payable each quarter that stock 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 stock finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to share price decline of the worst performer from its initial price
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| Call: | At par plus contingent coupon if lowest performing stock closes at or above initial price on any quarterly determination date
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| Initial share prices: | $172.17 for Apple, $541.06 for Netflix, $2,740.34 for Alphabet
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| Coupon threshold levels: | $111.9105 for Apple, $351.689 for Netflix, $1,781.221 for Alphabet; 65% of initial levels
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| Downside thresholds: | $111.9105 for Apple, $351.689 for Netflix, $1,781.221 for Alphabet; 65% of initial levels
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| Pricing date: | Jan. 7
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| Settlement date: | Jan. 12
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| Agent: | Goldman Sachs & Co. LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 36261Y582
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