New Issue: GS Finance sells $1.3 million index-linked notes on Russell, S&P

By Kiku Steinfeld

Chicago, Oct. 27 – GS Finance Corp. priced $1.3 million of 0% index-linked notes due April 5, 2028 linked to the least performing of 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.

If the return of each index is zero or positive, the payout at maturity will be par plus 115% of the laggard index’s return.

If the least performing index falls by up to 40%, the payout will be par plus the absolute value of that index’s return.

Otherwise, investors will lose 1% for every 1% decline of the worst performer.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$1,295,000
Maturity:	April 5, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If the return of each index is zero or positive, par plus 115% of the laggard index’s return; if any index falls but the final underlier level of each is greater than or equal to the 60% trigger buffer level, par plus absolute value of the worst performer’s return; otherwise, 1% loss for every 1% decline of the worst performer
Initial levels:	4,109.31 for S&P, 1,802.484 for Russell
Trigger buffer levels:	60% of initial levels
Pricing date:	March 31, 2023
Settlement date:	April 5, 2023
Agent:	Goldman Sachs & Co. LLC
Fees:	0.78%
Cusip:	40057PWW8

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