Published on 1/23/2024 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $677,000 callable contingent coupon notes linked to S&P
By Angela McDaniels
Tacoma, Wash., Jan. 23 – GS Finance Corp. priced $677,000 of callable contingent coupon index-linked notes due May 3, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon if the index’s closing level on the observation date for that quarter is greater than or equal to 85% of its initial level. For each $1,000 principal amount of notes, the coupon will be the applicable contingent amount for each observation date that has occurred up to and including that observation date minus the sum of all coupons previously paid, if any. The contingent amount is $15.00 for each of the first four observation dates, $16.25 for each of the next eight observation dates, $17.50 for each of the next four observation dates and $20.00 for the final four observation dates.
Beginning in May 2024, the notes are callable at par quarterly.
The payout at maturity will be par.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| 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: | $677,000
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| Maturity: | May 3, 2028
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| Coupon: | Each quarter, notes pay contingent coupon if index’s closing level on observation date for that quarter is greater than or equal to 85% of initial level; for each $1,000 principal amount of notes, coupon will be applicable contingent amount for each observation date that has occurred up to and including that observation date minus sum of all coupons previously paid, if any; contingent amount is $15.00 for each of the first four observation dates, $16.25 for each of the next eight observation dates, $17.50 for each of the next four observation dates and $20.00 for the final four observation dates
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | Quarterly at par beginning in May 2024
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| Initial level: | 4,169.48
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| Coupon barrier level: | 85% of initial level
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 1.65%
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| Cusip: | 40057RJ74
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