By William Gullotti
Buffalo, N.Y., Dec. 19 – GS Finance Corp. priced $1.01 million of callable contingent coupon ETF-linked notes due Sept. 18, 2025 tied to the Invesco QQQ Trust, Series 1, the SPDR S&P 500 ETF Trust and the iShares Russell 2000 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 8.5% if each ETF closes at or above the coupon trigger level, 70% of the initial level, on the relevant observation date.
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 closes at or above 70% of initial value, the payout will be par plus the final coupon.
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.
|
| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Callable contingent coupon ETF-linked notes
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| Underlying funds: | Invesco QQQ Trust, Series 1, SPDR S&P 500 ETF Trust, iShares Russell 2000 ETF
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| Amount: | $1,006,000
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| Maturity: | Sept. 18, 2025
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| Coupon: | 8.5% annualized rate, payable quarterly if each ETF closes at or above coupon trigger level, on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If each ETF finishes at or above trigger buffer level, par plus final coupon; otherwise, 1% loss for every 1% decline of laggard ETF from initial level
|
| Call option: | At par plus any coupon otherwise due on any quarterly observation date after six months
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| Initial ETF levels: | $403.74 for QQQ, $470.50 for SPDR, $193.33 for iShares
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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: | Dec. 13
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| Settlement date: | Dec. 18
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.725%
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| Cusip: | 40057XHJ7
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