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Published on 12/14/2022 in the Prospect News Structured Products Daily.

New Issue: GS Finance prices $2.02 million contingent market-linked autocalls on three tech stocks

By William Gullotti

Buffalo, N.Y., Dec. 14 – GS Finance Corp. sold $2.02 million of 0% market-linked autocallable securities with contingent downside due Oct. 24, 2025 linked to the stock performance of Alphabet Inc., Amazon.com, Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The securities are guaranteed by Goldman Sachs Group, Inc.

The notes will pay a contingent monthly interest payment at the rate of 13.5% per year if each stock closes at or above the coupon barrier level, 60% of the initial level, on the observation date for that period.

The notes will be automatically called at par plus coupon if each stock closes at or above initial level on any monthly observation date after six months.

The payout at maturity will be par plus the final coupon if each stock finishes at or above its coupon barrier.

If the worst performer finishes below its coupon barrier but at or above its 50% threshold level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.

Wells Fargo Securities LLC and Goldman Sachs & Co. LLC are the agents.

Issuer:GS Finance Corp.
Guarantor:Goldman Sachs Group, Inc.
Issue:Market-linked autocallable securities with contingent coupon and contingent downside
Underlying stocks:Alphabet Inc., Amazon.com, Inc., Microsoft Corp.
Amount:$2,021,000
Maturity:Oct. 24, 2025
Coupon:13.5% annual rate, payable monthly if each stock closes at or above coupon barrier level on the relevant observation date
Price:Par
Payout at maturity:Par plus final coupon if each stock finishes at or above coupon barrier; if worst performer finishes below coupon barrier but not below threshold level, par; otherwise, full exposure to decline of worst performer from initial level
Call:Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after six months
Initial levels:$101.13 for Alphabet, $119.32 for Amazon, $242.12 for Microsoft
Coupon barriers:60% of initial levels
Threshold levels:50% of initial levels
Pricing date:Oct. 21
Settlement date:Oct. 26
Agents:Wells Fargo Securities LLC and Goldman Sachs & Co. LLC
Fees:2.125%
Cusip:40057NLS4

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