Published on 8/20/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $925,000 callable contingent coupon index-linked notes on S&P
By Kiku Steinfeld
Chicago, Aug. 21 – GS Finance Corp. priced $925,000 of callable contingent coupon index-linked notes due Feb. 22, 2029 tied 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.
The notes will pay a contingent quarterly coupon if the index closes at or above the coupon trigger level, 85% of the initial level, on the quarterly valuation date for that period, plus any previously unpaid coupons. The quarterly coupon starts at $13.75, increasing every four quarters to $15.625, to $18.125, to $20.625 and then to $23.75.
The notes will be callable after one year on any quarterly valuation date at par.
If the notes are not called, the payout will be par.
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: | Callable contingent coupon index-linked notes
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| Underlying index: | S&P 500 index
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| Amount: | $925,000
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| Maturity: | Feb. 29, 2028
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| Coupon: | Contingent coupon payable quarterly plus any previously unpaid coupons if index closes at or above coupon trigger level on relevant quarterly observation date; coupon starts at $13.75, increasing every four quarters to $15.625, to $18.125, to $20.625 and then to $23.75
|
| Price: | Par
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| Payout at maturity: | If notes are not called, par
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| Call option: | At par on any quarterly review date after one year
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| Initial index level: | 3,970.04
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| Coupon trigger level: | 85% of initial level
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| Pricing date: | Feb. 24, 2023
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| Settlement date: | March 1, 2023
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 1.5%
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| Cusip: | 40057PQB1
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