Published on 3/26/2021 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $4.29 million autocallable contingent coupon equity notes on stocks
By Taylor Fox
New York, March 26 – GS Finance Corp. priced $4.29 million of autocallable contingent coupon equity-linked securities due March 19, 2027 linked to the stocks of Apple Inc., Amazon.com, Inc., Home Depot, Inc. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 10.2% if each stock closes at or above its barrier price, 60% of its initial share price, on the determination date for that period.
Beginning in March 2022, the notes will be automatically called at par plus the contingent coupon if each stock closes at or above its initial share price on any quarterly call observation date.
If the notes are not called and the final share price of each stock is greater than or equal to its final barrier price, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the share price of the least performing stock.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable contingent coupon equity-linked securities
|
| Underlying stocks: | Apple Inc., Amazon.com, Inc., Home Depot, Inc. and Bank of America Corp.
|
| Amount: | $4,294,000
|
| Maturity: | March 19, 2027
|
| Coupon: | 10.2% per year, payable quarterly if each stock closes at or above barrier price on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if each stock finishes at or above barrier price; otherwise, full exposure to decline of least performing stock
|
| Call: | Beginning in March 2022, automatically at par plus contingent coupon if each stock closes at or above initial share price on any quarterly call observation date
|
| Initial share prices: | $3,089.49 for Amazon, $121.03 for Apple, $273.1 for Home Depot and $37.94 for Bank of America
|
| Barrier prices: | 60% of initial share prices
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| Pricing date: | March 12
|
| Settlement date: | March 17
|
| Underwriter: | Goldman Sachs & Co. LLC
|
| Fees: | 4.625%
|
| Cusip: | 40057FQP2
|
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