New Issue: GS Finance sells $792,000 index-linked notes on Russell, S&P

By Kiku Steinfeld

Chicago, Aug. 7 – GS Finance Corp. priced $792,000 of 0% index-linked notes due Feb. 26, 2026 linked to the least performing of the Russell 2000 index and 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 each index finishes above its initial level, the payout at maturity will be par plus the return of the worst performer, capped at 60%.

If at least one has declined and each index finishes at or above its 85% buffer level, the payout at maturity will be par plus the absolute value of the lesser performing index.

Otherwise, investors will be fully exposed to the decline of the worst performing index beyond 15%.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	Russell 2000 index, S&P 500 index
Amount:	$792,000
Maturity:	Feb. 26, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus return of worst performer, capped at 60%, if both indexes finish positive; par plus absolute value of return of worst performer if at least one index has declined but both finish above buffer levels; otherwise, 1% loss for each 1% decline beyond 15%
Initial levels:	1,908.093 for Russell, 4,012.32 for S&P
Buffer levels:	85% of initial levels
Pricing date:	Feb. 23, 2023
Settlement date:	Feb. 28, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	3.04%
Cusip:	40057PKK7

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