Published on 3/12/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $551,000 autocallables linked to four stocks
By Kiku Steinfeld
Chicago, March 14 – GS Finance Corp. priced $551,000 of autocallable equity-linked securities due Sept. 18, 2026 tied to the stocks of Peloton Interactive, Inc., Tesla, Inc., Norwegian Cruise Line Holdings Ltd. and Shopify Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be automatically redeemed at par plus a 40% annualized call premium if the worst-performing stock closes at or above 86% of its initial price on any semiannual observation date after one year.
If the notes are not called and all stocks finish at or above 86% of their initial levels, the payout at maturity will be par plus 200%. If any stock finishes below 86% of its initial level but all stocks finish at or above their 50% downside thresholds, the payout will be par. Otherwise, investors will be exposed to the loss of the least-performing stock.
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 equity-linked securities
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| Underlying stocks: | Peloton Interactive, Inc., Tesla, Inc., Norwegian Cruise Line Holdings Ltd. and Shopify Inc.
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| Amount: | $551,000
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| Maturity: | Sept. 18, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 200% if all stocks finish at or above 86% of their initial levels; par if any stock finishes below 86% of its initial level but all stocks finish at or above their 50% downside thresholds; otherwise, full exposure to losses of least-performing stock
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| Call: | Automatically at par plus a 40% annualized call premium if the worst-performing stock closes at or above 86% of its initial price on any semiannual observation date after one year
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| Initial levels: | $105.56 for Peloton, $755.83 for Tesla, $1,474.94 for Shopify, $25.07 for Norwegian
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| Downside thresholds: | 50% of initial levels
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 1.75%
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| Cusip: | 40057JK70
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