Published on 4/10/2024 in the Prospect News Structured Products Daily.
New Issue: GS prices $610,000 contingent coupon autocallables linked to Alphabet, Tesla, JPMorgan
By Angela McDaniels
Tacoma, Wash., April 10 – GS Finance Corp. priced $610,000 of autocallable contingent coupon equity-linked notes due July 21, 2025 linked to the class C capital stock of Alphabet Inc., the common stock of Tesla, Inc. and the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 20% per year if each stock closes at or above its trigger buffer level, 60% of its initial share price, on the observation date for that month.
Beginning in October 2023, the notes will be called automatically at par if each stock closes at or above its initial share price on any monthly observation date.
If the notes are not called, the payout at maturity will be par unless the least performing stock finishes below its trigger buffer level, in which case investors will lose 1% for every 1% that the least performing stock declines from its initial share price.
The notes are guaranteed by Goldman Sachs Group, Inc.
Goldman Sachs & Co. LLC is the underwriter.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Autocallable contingent coupon equity-linked notes
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| Underlying indexes: | Alphabet Inc., Tesla, Inc. and JPMorgan Chase & Co.
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| Amount: | $610,000
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| Maturity: | July 21, 2025
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| Coupon: | 20% per year, payable monthly if each stock closes at or above trigger buffer level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless least performing stock finishes below trigger buffer level, in which case 1% loss for every 1% that least performing stock declines from initial share price
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| Call: | Beginning in October 2023, automatically at par if each stock closes at or above initial share price on any monthly observation date
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| Initial share prices: | $125.70 for Alphabet, $281.38 for Tesla and $149.77 for JPMorgan
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| Trigger buffer levels: | 60% of initial share prices
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Underwriter: | Goldman Sachs & Co. LLC
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| Fees: | 3%
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| Cusip: | 40057TJY1
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