Published on 4/17/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $18.39 million bearish capped buffer GEARS linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, April 17 – GS Finance Corp. priced $18.39 million of 0% bearish capped buffer GEARS due Jan. 17, 2024 linked inversely to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If the index declines, investors will gain 3% for every 1% decline of the index, subject to a maximum return of par plus 22.56%.
If the index finishes flat or gains by no more than 8%, the payout will be par.
Otherwise, investors will lose 1% for each 1% gain of the index above the 108% threshold level, with losses capped at 92%.
Goldman Sachs & Co. and UBS Financial Services Inc. are the agents.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Bearish capped buffer GEARS
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Underlying index: | S&P 500 index
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Amount: | $18,385,000
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Maturity: | Jan. 17, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index declines, gain 3% for every 1% decline, capped at par plus 22.56%; par if index finishes flat or gains by up to 8%; otherwise, 1% loss for each 1% gain above threshold level, with losses capped at 92%
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Initial level: | 4,108.94
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Threshold level: | 4,437.66; 108% of initial level
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Principal protection: | 8%
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Pricing date: | April 11
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Settlement date: | April 14
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Agents: | Goldman Sachs & Co. and UBS Financial Services Inc.
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Fees: | 0.75%
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Cusip: | 36265J466
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