New Issue: GS Finance prices $12.99 million trigger callable contingent yield notes tied to three indexes

By Wendy Van Sickle

Columbus, Ohio, July 26 – GS Finance Corp. priced $12.99 million of trigger callable contingent yield notes due July 26, 2029 linked to the least performing of the Hang Seng China Enterprises index, the Russell 2000 index and the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon at the rate of 8.4% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the determination date for that quarter.

Beginning Jan. 28, 2020, the notes are redeemable at par of $10 on any quarterly observation date other than the final one.

If the notes are not called and each index finishes at or above its downside threshold, 50% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC is the underwriter. UBS Financial Services Inc. is acting as selling agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Trigger callable contingent yield notes
Underlying indexes:	Hang Seng China Enterprises, Russell 2000 and MSCI Emerging Markets
Amount:	$12,987,000
Maturity:	July 26, 2029
Coupon:	8.4% per year, payable quarterly if each index closes at or above its coupon barrier on determination date for that quarter
Price:	Par of $10
Payout at maturity:	If each index finishes at or above downside threshold, par; otherwise, 1% loss for every 1% that least-performing index’s final level is below initial level
Call option:	Beginning Jan. 28, 2020, at par on any quarterly observation date other than final one
Initial levels:	10,858.88 for Hang Seng, 1,580.417 for Russell and 1,055.34 for MSCI
Coupon barriers:	7,601.216 for Hang Seng, 1,106.292 for Russell and 738.738 for MSCI, or 70% of initial levels
Downside thresholds:	5,429.44 for Hang Seng, 790.209 for Russell and 527.67 for MSCI, or 50% of initial levels
Trade date:	July 24
Settlement date:	July 29
Underwriter:	Goldman Sachs & Co. LLC
Selling agent:	UBS Financial Services Inc.
Fees:	3.9%
Cusip:	36257W459

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