Published on 5/30/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $5.46 million 11.25% autocallable fixed coupon notes on three stocks
By William Gullotti
Buffalo, N.Y., May 30 – GS Finance Corp. priced $5.46 million of 11.25% autocallable fixed coupon equity-linked notes due May 26, 2026 linked to the common stocks of Tesla, Inc., Apple Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Interest is payable monthly.
The notes will be automatically called at par plus the coupon if the least-performing stock closes at or above its initial level on any quarterly observation date after one year.
If the notes are not subject to an automatic call, the payout at maturity will be par unless each stock finishes below its initial level and any stock finishes below its 50% trigger buffer, in which case investors will lose 1% for each 1% decline of the least-performing stock from its initial level.
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 fixed coupon equity-linked notes
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| Underlying stocks: | Tesla, Inc., Apple Inc., Amazon.com, Inc.
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| Amount: | $5,462,000
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| Maturity: | May 26, 2026
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| Coupon: | 11.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless all stocks finish below their initial levels and any stock finishes below its trigger buffer, in which case investors will lose 1% for each 1% decline of the least-performing stock from its initial level
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| Call: | At par plus the coupon if all stocks close at or above their initial levels on any quarterly observation date after one year
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| Initial levels: | $188.87 for Tesla, $174.20 for Apple, $115.01 for Amazon
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| Trigger buffers: | 50% of initial levels
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| Pricing date: | May 22
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| Settlement date: | May 25
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1%
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| Cusip: | 40057RWK0
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