By Wendy Van Sickle
Columbus, Ohio, April 16 – GS Finance Corp. priced $10 million of callable contingent coupon ETF-linked notes due April 15, 2026 tied to the iShares Silver Trust and the VanEck Gold Miners ETF, 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 10.15% if each ETF closes at or above the coupon trigger level, 70% of the initial level on every trading day during the relevant observation period.
The notes will be callable at par plus any coupon otherwise due on any quarterly observation date after six months.
If the notes are not called and each ETF finishes at or above 70% of initial value, the payout will be par plus any final coupon otherwise due.
Otherwise, investors will be exposed to the laggard ETF’s decline from its initial level.
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 ETF-linked notes
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| Underlying funds: | iShares Silver Trust, VanEck Gold Miners ETF
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| Amount: | $10 million
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| Maturity: | April 15, 2026
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| Coupon: | 10.15% annualized rate, payable quarterly if each ETF closes at or above coupon trigger level on every trading day during the relevant observation period
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| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above trigger buffer level, par plus any final coupon otherwise due; otherwise, 1% loss for every 1% decline of laggard ETF from initial level
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| Call: | At par plus any coupon otherwise due on any quarterly observation date after six months
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| Initial ETF levels: | $25.45 for iShares, $33.68 for VanEck
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| Trigger buffer levels: | 70% of initial levels
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| Coupon trigger levels: | 70% of initial levels
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| Pricing date: | April 11
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| Settlement date: | April 16
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | None
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| Cusip: | 40058A3P7
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