Published on 9/1/2023 in the Prospect News Structured Products Daily.
New Issue: GS Finance sells $1.67 million market-linked autocalls with buffered downside on Stoxx
By Kiku Steinfeld
Chicago, Sept. 1 – GS Finance Corp. priced $1.67 million of 0% market-linked autocallable securities with fixed percentage buffered downside due March 2, 2026 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus an 11.15% call premium if the index closes at or above the initial level on March 4, 2024.
The payout at maturity will be par plus 1.5 times any gain in the index. If the index is flat or falls by no more than 20%, the payout will be par. Otherwise, investors will be exposed to losses beyond the 20% buffer.
The notes are guaranteed by Goldman Sachs Group, Inc.
Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC are the agents.
Issuer: | GS Finance Corp.
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Guarantor: | Goldman Sachs Group, Inc.
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Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
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Underlying index: | Euro Stoxx 50 index
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Amount: | $1,669,000
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Maturity: | March 2, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | 1.5 times any gain; if index falls by no more than 20%, par; otherwise, investors will be exposed to losses beyond the 20% buffer
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Call: | Automatically at par plus 11.15% call premium if the index closes at or above the initial level on March 4, 2024
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Initial level: | 4,248.01
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Buffer level: | 80% of initial level
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Pricing date: | Feb. 27, 2023
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Settlement date: | March 2, 2023
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Agents: | Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC
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Fees: | 2.425%
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Cusip: | 40057PKS0
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