New Issue: GS Finance sells $520,000 leveraged notes on basket of 35 stocks

By Marisa Wong

Los Angeles, May 3 – GS Finance Corp. priced $520,000 of 0% leveraged notes due April 14, 2022 linked a basket of common shares or ordinary shares of 35 companies, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

The basket stocks are Alaska Air Group, Inc. with a 2.98% weight, American Airlines Group Inc. with a 3.04% weight, Boston Properties, Inc. with a 2.40% weight, Carnival Corp. with a 3.45% weight, CBRE Group, Inc. with a 2.72% weight, Delta Air Lines, Inc. with a 2.67% weight, Equity Residential with a 2.41% weight, Essex Property Trust, Inc. with a 2.38% weight, Federal Realty Investment Trust with a 2.51% weight, General Electric Co. with a 3.38% weight, Host Hotels & Resorts, Inc. with a 2.65% weight, Huntington Bancshares Inc. with a 2.93% weight, Kimco Realty Corp. with a 3.06% weight, Kohl’s Corp. with a 5.00% weight, Loews Corp. with a 2.42% weight, Marriott International, Inc. with a 2.65% weight, Nordstrom, Inc. with a 5.00% weight, Norwegian Cruise Line Holdings Ltd. with a 3.23% weight, Prudential Financial, Inc. with a 2.43% weight, PVH Corp. with a 2.95% weight, Ralph Lauren Corp. with a 2.94% weight, Raytheon Technologies Corp. with a 2.13% weight, Regency Centers Corp. with a 2.75% weight, Royal Caribbean Cruises Ltd. with a 2.68% weight, Simon Property Group, Inc. with a 3.02% weight, SL Green Realty Corp. with a 2.71% weight, Southwest Airlines Co. with a 2.62% weight, Textron Inc. with a 2.48% weight, Boeing Co. with a 2.43% weight, UDR, Inc. with a 2.29% weight, United Airlines Holdings, Inc. with a 2.76% weight, U.S. Bancorp with a 2.38% weight, Vornado Realty Trust with a 2.42% weight, Wells Fargo & Co. with a 2.94% weight and Zions Bancorp with a 3.19% weight.

If the basket return is positive, the payout at maturity will be par plus 1.5 times the gain, subject to a maximum settlement amount of $1,207 per $1,000 of notes.

Investors will be fully exposed to any basket decline.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Leveraged notes
Underlying basket:	Alaska Air Group, Inc. (NYSE: ALK) with a 2.98% weight, American Airlines Group Inc. (Nasdaq: AAL) with a 3.04% weight, Boston Properties, Inc. (NYSE: BXP) with a 2.40% weight, Carnival Corp. (NYSE: CCL) with a 3.45% weight, CBRE Group, Inc. (NYSE: CBRE) with a 2.72% weight, Delta Air Lines, Inc. (NYSE: DAL) with a 2.67% weight, Equity Residential (NYSE: EQR) with a 2.41% weight, Essex Property Trust, Inc. (NYSE: ESS) with a 2.38% weight, Federal Realty Investment Trust (NYSE: FRT) with a 2.51% weight, General Electric Co. (NYSE: GE) with a 3.38% weight, Host Hotels & Resorts, Inc. (Nasdaq: HST) with a 2.65% weight, Huntington Bancshares Inc. (Nasdaq: HBAN) with a 2.93% weight, Kimco Realty Corp. (NYSE: KIM) with a 3.06% weight, Kohl’s Corp. (NYSE: KSS) with a 5.00% weight, Loews Corp. (NYSE: L) with a 2.42% weight, Marriott International, Inc. (Nasdaq: MAR) with a 2.65% weight, Nordstrom, Inc. (NYSE: JWN) with a 5.00% weight, Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) with a 3.23% weight, Prudential Financial, Inc. (NYSE: PRU) with a 2.43% weight, PVH Corp. (NYSE: PVH) with a 2.95% weight, Ralph Lauren Corp. (NYSE: RL) with a 2.94% weight, Raytheon Technologies Corp. (NYSE: RTX) with a 2.13% weight, Regency Centers Corp. (Nasdaq: REG) with a 2.75% weight, Royal Caribbean Cruises Ltd. (NYSE: RCL) with a 2.68% weight
Amount:	$520,000
Maturity:	April 14, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.5 times any basket gain, capped at par plus 20.7%; full exposure to losses
Initial prices:	$68.02 for Alaska, $23.37 for American, $108.59 for Boston, $28.46 for Carnival, $79.28 for CBRE, $49.83 for Delta, $73.44 for Equity, $287.84 for Essex, $110.37 for Federal, $12.58 for GE, $17.23 for Host, $16.70 for Huntington, $19.69 for Kimco, $60.46 for Kohl’s, $51.57 for Loews, $150.20 for Marriott, $41.37 for Nordstrom, $30.73 for Norwegian, $93.87 for Prudential, $107.30 for PVH, $123.98 for Ralph Lauren, $78.52 for Raytheon, $59.15 Regency, $90.22 for Royal Caribbean, $117.85 for Simon, $77.76 for SL Green, $61.03 for Southwest, $55.06 for Textron, $269.19 for Boeing, $45.15 for UDR, $56.29 for United, $54.64 for U.S. Bancorp, $49.04 for Vornado, $39.97for Wells, $59.06 for Zions
Pricing date:	March 12
Settlement date:	March 19
Agent:	Goldman Sachs & Co. LLC
Fees:	0.81%
Cusip:	40057FS88

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