New Issue: GS Finance sells $310,000 autocallable ETF-linked notes on MSCI EM ETF

By William Gullotti

Buffalo, N.Y., April 4 – GS Finance Corp. priced $310,000 of 0% autocallable ETF-linked notes due May 4, 2023 tied to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

The notes will be called at $1,084 per $1,000 of notes if the ETF closes at or above its initial level on May 13, 2022.

If the notes are not called, the payout at maturity will be par plus twice the ETF return if the ETF finishes at or above its initial level.

If the ETF return is negative but not less than negative 20%, the payout will be par; otherwise, investors will be fully exposed to the losses of the ETF.

Goldman Sachs & Co. LLC is the underwriter. JPMorgan is acting as placement agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Autocallable ETF-linked notes
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$310,000
Maturity:	May 4, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If the ETF finishes at or above its initial level, par plus twice the ETF return; if the ETF return is negative but not less than negative 20%, par; otherwise, full exposure to the losses of the ETF
Call:	At $1,084 per $1,000 of notes if ETF closes at or above initial level on May 13, 2022
Initial level:	$53.98
Barrier level:	80% of initial level
Pricing date:	April 30, 2021
Settlement date:	May 5, 2021
Underwriter:	Goldman Sachs & Co. LLC
Placement agent:	JPMorgan
Fees:	1.5%
Cusip:	40057H4E7

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