Published on 2/24/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance prices $289,000 7.5% autocallable fixed-coupon notes on indexes
By Sarah Lizee
Olympia, Wash., Feb. 24 – GS Finance Corp. priced $289,000 7.5% autocallable fixed-coupon notes due Aug. 23, 2021 linked to the least performing of the Euro Stoxx 50 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
Interest is payable quarterly.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not subject to an automatic call, the payout at maturity will be par unless any index has closed below the 70% trigger level during the life of the notes and any index finishes below its initial level. In that case, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
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: | Autocallable fixed-coupon notes
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| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
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| Amount: | $289,000
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| Maturity: | Aug. 23, 2021
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| Coupon: | 7.5%, payable quarterly
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| Price: | Par
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| Call: | At par plus the coupon if each index closes at or above its initial level on any quarterly call observation date after six months
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| Payout at maturity: | Par unless any index has closed below the trigger level during life of notes and any index finishes below initial level, in which case 1% loss for each 1% decline of the least-performing index from initial level
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| Initial levels: | 3,380.16 for S&P, 1,687.584 for Russell and 3,840.97 for Stoxx
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| Trigger levels: | 70% of initial levels
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 0.59%
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| Cusip: | 40056YDM3
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