By Wendy Van Sickle
Columbus, Ohio, March 29 – GS Finance Corp. priced $2.24 million of 0% trigger autocallable GEARS due March 31, 2022 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a 10% annualized premium if the ETF closes at or above its initial level on March 30, 2020 or March 30, 2021.
If the notes are not called and the ETF finishes at or above its initial level, the payout at maturity will be par plus 2.5 times the ETF gain.
If the ETF declines, but finishes above its 75% downside threshold level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the ETF’s final level is below its initial level.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the agent with UBS Financial Services Inc. as selling agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Trigger step securities
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| Underlying ETF: | iShares MSCI Emerging Markets ETF
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| Amount: | $2,239,000
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| Maturity: | March 31, 2022
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| Coupon: | 0%
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| Price: | Par of $10
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| Call: | At par plus a 10% annualized premium if the ETF closes at or above its initial level on March 30, 2020 or March 30, 2021
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| Payout at maturity: | If ETF gains, par plus 2.5 times the gain; par if ETF falls by 25% or less; full exposure to losses if ETF finishes below downside threshold level
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| Initial ETF level: | $42.66
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| Downside threshold: | $32.00, 75% of initial level
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| Pricing date: | March 26
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| Settlement date: | March 29
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| Agents: | Goldman Sachs & Co. LLC with UBS Financial Services Inc. as selling agent
|
| Fees: | 2.75%
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| Cusip: | 36257D378
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