Published on 6/30/2022 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $659,000 callable contingent coupon notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, June 30 – GS Finance Corp. priced $659,000 of callable contingent coupon index-linked notes due Dec. 27, 2024 linked to the least performing of the Nasdaq-100 index, 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.
The notes will pay a contingent quarterly coupon at an annualized rate of 6.8% if each index closes at or above its 75% coupon trigger level on the determination date for that period.
The notes may be called at par plus any contingent coupon due at the issuer’s option on any quarterly coupon payment date after one year.
If the notes are not called, the payout at maturity will be par unless either index finishes below 70% of its initial level, in which case investors will lose 1% for each 1% decline of least performing index.
Otherwise, investors will be fully exposed to the decline of the least-performing index.
Goldman Sachs & Co. LLC is the agent.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Callable contingent coupon index-linked notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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Amount: | $659,000
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Maturity: | Dec. 27, 2024
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Contingent coupon: | 6.8% per year, payable quarterly if each index closes at or above coupon trigger level on determination date
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Price: | Par
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Payout at maturity: | Par unless either index finishes below trigger buffer level, in which case investors will lose 1% for each 1% decline of least performing index
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Call: | At par plus any contingent coupon at issuer’s option on any quarterly coupon payment date after one year
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Initial index levels: | 2,221.903 for Russell, 16,180.14 for Nasdaq and 4,696.56 for S&P
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Coupon trigger levels: | 75% of initial levels
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Trigger buffer levels: | 70% of initial levels
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Pricing date: | Dec. 22, 2021
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Settlement date: | Dec. 27, 2021
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Agent: | Goldman Sachs & Co. LLC
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Fees: | 3%
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Cusip: | 40057KKL6
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