Published on 12/26/2020 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $526,000 autocallable notes linked to four stocks
By Taylor Fox
New York, Dec. 30 – GS Finance Corp. priced $526,000 autocallable equity-linked notes due Dec. 5, 2024 linked to the least performing of the shares of Roku, Inc., Alibaba Group Holding Ltd., PayPal Holdings, Inc. and Adobe Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes above its initial level on any semiannual call observation date starting after one year, the notes will be automatically redeemed at par plus a 36% annual call premium.
If the notes are not called and the final price each stock is at least 90% of its initial price, the payout at maturity will be par plus 144%. If the final price of each stock is greater than or equal to 50% of the initial price, but the final price of the worst performer is less than 90%, the payout will be par. Otherwise, investors will be exposed to the decline of the worst performing stock.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter with JPMorgan as placement agent.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable equity-linked notes
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| Underlying stocks: | Roku, Inc., Alibaba Group Holding Ltd., PayPal Holdings, Inc. and Adobe Inc.
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| Amount: | $526,000
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| Maturity: | Dec. 5, 2024
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If each stock finishes at or above downside threshold, par plus 144%; if the final price of each stock is greater than or equal to 50% of the initial price, but the final price is less than 90%, the payout will be par; otherwise, 1% loss for every 1% that least-performing stock’s final level is below initial level
|
| Call: | At par plus a 36% call premium if each stock closes at or above its initial level any semiannual call observation date starting after one year
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| Initial levels: | $293.57 for Roku, $263.36 for Alibaba, $214.12 for PayPal and $478.47 for Adobe
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| Downside thresholds: | 90% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 3
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| Underwriter: | Goldman Sachs & Co. LLC
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| Placement agent: | JPMorgan
|
| Fees: | 1.55%
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| Cusip: | 40057ESU2
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