By William Gullotti
Buffalo, N.Y., Dec. 11 – GS Finance Corp. priced $11.86 million of contingent variable coupon ETF-linked notes due Dec. 3, 2026 linked to the performance of the SPDR Gold 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 quarterly coupon that will accrue at a rate of 8% per year for each trading day that each ETF closes within the trigger range during the observation period.
The trigger range is less than or equal to the 110% upper trigger level but greater than or equal to the 80% buffer level.
If each ETF finishes above its upper trigger, the payout at maturity will be par plus 1.45 times the gain of the worst performer above 10%, subject to a maximum return of par plus 150%.
If the worst performer finishes at or below its upper trigger but at or above buffer level, the payout will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer beyond 20%.
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: | Contingent variable coupon ETF-linked notes
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Underlying funds: | SPDR Gold Trust, VanEck Gold Miners ETF
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Amount: | $11,858,000
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Maturity: | Dec. 3, 2026
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Coupon: | 8% per year accrual rate for each trading day that each ETF closes within the trigger range during the relevant observation period, paid quarterly; trigger range is less than or equal to upper trigger level but greater than or equal to buffer level
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Price: | Par
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Payout at maturity: | If each ETF finishes above upper trigger level, par plus 1.45 times the gain of the worst performer above 10%, capped at par plus 150%; if the worst performer finishes at or below upper trigger but at or above buffer level, par; otherwise, lose 1% for each 1% decline of worst performer beyond 20%
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Initial levels: | $189.26 for SPDR, $31.22 for VanEck
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Upper trigger levels: | 110% of initial levels
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Buffer levels: | 80% of initial levels
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Strike date: | Nov. 28
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Pricing date: | Nov. 30
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Settlement date: | Dec. 5
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Underwriter: | Goldman Sachs & Co. LLC
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Fees: | None
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Cusip: | 40057XBR5
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