Published on 4/4/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $650,000 callable contingent coupon index-linked notes
By William Gullotti
Buffalo, N.Y., April 4 – GS Finance Corp. priced $650,000 of callable contingent coupon index-linked notes due May 9, 2024 tied to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 Technology Sector 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 at an annual rate of 7% if each index closes at or above the coupon trigger level, 70% of the initial level, on the valuation date for that period.
The notes may be called at the issuer’s option on any quarterly call observation date after one year.
If the notes are not called and each index closes at or above 70% of initial value, the payout will be par.
If any index falls by more than 30%, investors will be fully exposed to any losses of the least-performing index.
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: | Callable contingent coupon index-linked notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 Technology Sector index
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Amount: | $650,000
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Maturity: | May 9, 2024
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Coupon: | 7% annualized rate, payable quarterly if each index 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 index finishes at or above trigger buffer level, par; if any index falls by more than trigger buffer level, full exposure to losses of worst performer
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Call option: | At par plus any coupon on any quarterly call observation date after one year at issuer’s option
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Initial index levels: | 4,167.59 for S&P, 2,241.366 for Russell, 7,859.226 for Nasdaq Tech
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Coupon trigger levels: | 70% of initial levels
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Trigger buffer levels: | 70% of initial levels
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Pricing date: | May 5, 2021
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Settlement date: | May 10, 2021
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 0.25%
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Cusip: | 40057H5M8
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