By Kiku Steinfeld
Chicago, Nov. 21 – GS Finance Corp. priced $1 million of autocallable contingent coupon equity-linked notes due March 22, 2027 linked to the stocks of Wells Fargo & Co., U.S. Bancorp and Bank of America Corp., 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 monthly coupon at an annual rate of 24% if each stock closes above its coupon barrier price, 80% of its initial price, on a related determination date.
The notes will be automatically called at par plus coupon if each stock closes at or above its initial share price on any monthly call observation date after three months.
If the notes are not called and the final share price of each stock is greater than or equal to its initial share price, the payout at maturity will be par plus the final coupon.
Investors will be fully exposed to the decline of the worst performer, but still receive the final coupon, if the worst performer declines no more than 20%.
Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial share price.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked securities
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| Underlying stocks: | Wells Fargo & Co., U.S. Bancorp, Bank of America Corp.
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| Amount: | $1 million
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| Maturity: | March 22, 2027
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| Coupon: | 24% annual rate; payable monthly if closing price of each stock is greater than or equal to coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each stock finishes at or above its initial share price; if any stock declines up to 20%, investors will lose 1% for every 1% decline of the worst performer from its initial share price plus the contingent coupon; otherwise, full exposure to losses of the worst performer
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| Call: | At par plus coupon if closing share price of least performing stock is greater than or equal to its initial share price on any monthly observation date after three months
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| Initial share prices: | $51.48 for Wells Fargo, $56.65 for Bancorp, $43.03 for Bank of America
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| Coupon barrier prices: | 80% of initial share prices
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| Pricing date: | March 18, 2022
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| Settlement date: | March 23, 2022
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.25%
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| Cusip: | 40057LLH2
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