[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs Group Inc. (GS), through its subsidiary GS Finance Corp., is marketing Contingent Income Auto-Callable Securities linked to the ordinary share of Spotify Technology S.A. (SPOT). The notes are unsecured obligations of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.
Key structural features
- Tenor: Expected issue on July 16 2025 and maturity on July 14 2028, unless called earlier.
- Underlying: Closing price of SPOT ordinary share.
- Contingent quarterly coupon: Set on the pricing date at not less than $29 per $1,000 annualized equivalent, payable only if SPOT closes at or above the 50 % downside threshold on the relevant observation date. Missed coupons are not recoverable.
- Automatic call: The securities are redeemed at par plus the due coupon if SPOT closes at or above the initial share price on any quarterly observation date, ending the trade early.
- Principal at risk: At maturity, if not previously called and SPOT has fallen below 50 % of the initial price, repayment equals the share performance factor, exposing investors to a full downside below the threshold.
- Estimated value: $910 – $970, below the $1,000 offering price, reflecting fees and dealer margins.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Investor profile: Suited for investors seeking enhanced, but non-guaranteed, income in exchange for equity downside risk, limited upside participation, complex tax treatment, and GS credit exposure.
Principal risks
- Loss of some or all principal if SPOT declines more than 50 %.
- Possibility of zero coupons for multiple quarters.
- Credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.
- Liquidity risk; secondary market may be limited and at prices well below par.
- Conflict of interest; Goldman may hedge or trade SPOT adversely to holders.
- Estimated value below issue price indicates negative yield if held to call without coupons.
Investors should review the accompanying preliminary pricing supplement, prospectus supplement, prospectus and general terms supplement no. 17,741 for full terms, historical SPOT data, and detailed tax considerations.
Goldman Sachs Group Inc. (GS), tramite la sua controllata GS Finance Corp., sta offrendo in vendita Contingent Income Auto-Callable Securities collegati alle azioni ordinarie di Spotify Technology S.A. (SPOT). Le obbligazioni sono titoli non garantiti di GS Finance Corp. e sono completamente e incondizionatamente garantite da The Goldman Sachs Group, Inc.
Caratteristiche strutturali principali
- Durata: Emissione prevista per il 16 luglio 2025 e scadenza il 14 luglio 2028, salvo richiamo anticipato.
- Sottostante: Prezzo di chiusura dell'azione ordinaria SPOT.
- Coupon trimestrale condizionato: Determinato alla data di prezzo con un equivalente annualizzato non inferiore a 29 $ per 1.000 $, pagabile solo se SPOT chiude al di sopra della soglia di ribasso del 50% nella data di osservazione pertinente. I coupon non pagati non sono recuperabili.
- Richiamo automatico: I titoli vengono rimborsati a valore nominale più il coupon dovuto se SPOT chiude al di sopra del prezzo iniziale dell’azione in una qualsiasi data di osservazione trimestrale, terminando anticipatamente l'investimento.
- Capitale a rischio: Alla scadenza, se non richiamati precedentemente e se SPOT è sceso al di sotto del 50% del prezzo iniziale, il rimborso sarà pari al fattore di performance dell’azione, esponendo gli investitori a una perdita totale sotto tale soglia.
- Valore stimato: 910 – 970 $, inferiore al prezzo di offerta di 1.000 $, riflettendo commissioni e margini del dealer.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Profilo dell’investitore: Adatto a investitori che cercano un reddito maggiorato, ma non garantito, in cambio di un rischio di ribasso azionario, partecipazione limitata al rialzo, trattamento fiscale complesso e esposizione al credito di GS.
Principali rischi
- Perdita totale o parziale del capitale se SPOT scende oltre il 50%.
- Possibilità di coupon nulli per più trimestri consecutivi.
- Rischio di credito di GS Finance Corp. e The Goldman Sachs Group, Inc.
- Rischio di liquidità: mercato secondario limitato e a prezzi potenzialmente molto inferiori al valore nominale.
- Conflitto di interessi: Goldman Sachs potrebbe coprire o negoziare SPOT in modo sfavorevole per i detentori.
- Valore stimato inferiore al prezzo di emissione indica rendimento negativo se mantenuto fino al richiamo senza ricevere coupon.
Gli investitori dovrebbero consultare il supplemento preliminare di prezzo, il supplemento al prospetto, il prospetto e il supplemento ai termini generali n. 17.741 per i termini completi, i dati storici di SPOT e le dettagliate considerazioni fiscali.
Goldman Sachs Group Inc. (GS), a través de su subsidiaria GS Finance Corp., está comercializando Valores Auto-Callable de Ingresos Contingentes vinculados a las acciones ordinarias de Spotify Technology S.A. (SPOT). Los bonos son obligaciones no garantizadas de GS Finance Corp. y están garantizados total e incondicionalmente por The Goldman Sachs Group, Inc.
Características estructurales clave
- Plazo: Emisión prevista para el 16 de julio de 2025 y vencimiento el 14 de julio de 2028, salvo que se ejerza el llamado anticipado.
- Subyacente: Precio de cierre de las acciones ordinarias de SPOT.
- Cupón trimestral contingente: Fijado en la fecha de precio con un equivalente anualizado no inferior a 29 $ por cada 1.000 $, pagadero solo si SPOT cierra en o por encima del umbral de caída del 50% en la fecha de observación correspondiente. Los cupones no pagados no se recuperan.
- Llamado automático: Los valores se redimen al valor nominal más el cupón debido si SPOT cierra en o por encima del precio inicial de la acción en cualquier fecha de observación trimestral, terminando el instrumento anticipadamente.
- Principal en riesgo: Al vencimiento, si no se ha llamado antes y SPOT ha caído por debajo del 50% del precio inicial, el reembolso será igual al factor de rendimiento de la acción, exponiendo a los inversores a una pérdida total bajo ese umbral.
- Valor estimado: 910 – 970 $, por debajo del precio de oferta de 1.000 $, reflejando comisiones y márgenes del distribuidor.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Perfil del inversor: Adecuado para inversores que buscan ingresos mejorados, pero no garantizados, a cambio de riesgo de caída en renta variable, participación limitada en alzas, tratamiento fiscal complejo y exposición al crédito de GS.
Riesgos principales
- Pérdida total o parcial del capital si SPOT cae más del 50%.
- Posibilidad de cupones cero durante varios trimestres.
- Riesgo de crédito tanto de GS Finance Corp. como de The Goldman Sachs Group, Inc.
- Riesgo de liquidez; mercado secundario limitado y a precios posiblemente muy por debajo del valor nominal.
- Conflicto de intereses; Goldman puede cubrir o negociar SPOT en contra de los tenedores.
- Valor estimado por debajo del precio de emisión indica rendimiento negativo si se mantiene hasta el llamado sin cupones.
Los inversores deben revisar el suplemento preliminar de precios, suplemento de prospecto, prospecto y suplemento de términos generales n.º 17,741 para conocer todos los términos, datos históricos de SPOT y consideraciones fiscales detalladas.
골드만 삭스 그룹 주식회사(GS)는 자회사인 GS 파이낸스 코퍼레이션을 통해 Spotify Technology S.A.(SPOT)의 보통주와 연계된 조건부 수익 자동 상환 증권을 판매하고 있습니다. 이 증권은 GS 파이낸스 코퍼레이션의 무담보 채무이며, 골드만 삭스 그룹 주식회사에서 전액 무조건적으로 보증합니다.
주요 구조적 특징
- 만기: 2025년 7월 16일 발행 예정이며, 2028년 7월 14일 만기, 조기 상환되지 않는 한.
- 기초자산: SPOT 보통주의 종가.
- 조건부 분기 쿠폰: 가격 결정일에 연 환산 기준 최소 1,000달러당 29달러로 설정되며, 해당 관찰일에 SPOT 종가가 50% 하락 한계선 이상일 경우에만 지급됩니다. 미지급 쿠폰은 회복 불가능합니다.
- 자동 상환: SPOT 종가가 분기별 관찰일 중 어느 날에든 초기 주가 이상일 경우, 액면가와 해당 쿠폰을 지급하며 조기 종료됩니다.
- 원금 위험: 만기 시 조기 상환되지 않았고 SPOT가 초기 가격의 50% 이하로 하락한 경우, 주가 성과 지수에 따라 상환되어 투자자는 임계값 이하에서 전액 손실 위험에 노출됩니다.
- 예상 가치: 910~970달러로, 1,000달러 발행가보다 낮으며 수수료 및 딜러 마진이 반영된 금액입니다.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
투자자 프로필: 주식 하락 위험과 제한된 상승 참여, 복잡한 세금 처리, GS 신용 위험을 감수하는 대신 향상된 비보장 수익을 추구하는 투자자에게 적합합니다.
주요 위험
- 만약 SPOT가 50% 이상 하락하면 원금 일부 또는 전부 손실 가능성.
- 여러 분기 동안 쿠폰 지급 없음 가능성.
- GS 파이낸스 코퍼레이션 및 골드만 삭스 그룹 주식회사의 신용 위험.
- 유동성 위험; 2차 시장이 제한적이며 액면가보다 훨씬 낮은 가격에 거래될 수 있음.
- 이해 상충; 골드만 삭스가 투자자에게 불리하게 SPOT을 헤지하거나 거래할 수 있음.
- 예상 가치가 발행가보다 낮아 쿠폰 없이 만기까지 보유 시 음의 수익률 가능성.
투자자는 예비 가격 보충서, 증권 설명서 보충서, 증권 설명서 및 일반 조건 보충서 번호 17,741을 검토하여 전체 조건, SPOT의 과거 데이터 및 상세한 세금 고려사항을 확인해야 합니다.
Goldman Sachs Group Inc. (GS), par l'intermédiaire de sa filiale GS Finance Corp., commercialise des Contingent Income Auto-Callable Securities liés à l'action ordinaire de Spotify Technology S.A. (SPOT). Les titres sont des obligations non garanties de GS Finance Corp. et sont entièrement et inconditionnellement garanties par The Goldman Sachs Group, Inc.
Principales caractéristiques structurelles
- Durée: Émission prévue le 16 juillet 2025 et échéance le 14 juillet 2028, sauf rappel anticipé.
- Sous-jacent: Prix de clôture de l'action ordinaire SPOT.
- Coupon trimestriel conditionnel: Fixé à la date de tarification à un minimum de 29 $ par tranche de 1 000 $ en équivalent annualisé, payable uniquement si SPOT clôture à ou au-dessus du seuil de baisse de 50 % à la date d'observation correspondante. Les coupons non versés ne sont pas récupérables.
- Rappel automatique: Les titres sont remboursés à leur valeur nominale plus le coupon dû si SPOT clôture à ou au-dessus du prix initial de l'action à une date d'observation trimestrielle, mettant fin prématurément à l'opération.
- Capital à risque: À l'échéance, si non rappelés auparavant et si SPOT est tombé en dessous de 50 % du prix initial, le remboursement correspond au facteur de performance de l'action, exposant les investisseurs à une perte totale en dessous de ce seuil.
- Valeur estimée: 910 – 970 $, inférieure au prix d'émission de 1 000 $, reflétant les frais et marges du distributeur.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Profil de l'investisseur : Convient aux investisseurs recherchant un revenu amélioré, mais non garanti, en échange d'un risque de baisse sur actions, d'une participation limitée à la hausse, d'un traitement fiscal complexe et d'une exposition au risque de crédit de GS.
Principaux risques
- Perte totale ou partielle du capital si SPOT baisse de plus de 50 %.
- Possibilité de coupons nuls pendant plusieurs trimestres.
- Risque de crédit de GS Finance Corp. et The Goldman Sachs Group, Inc.
- Risque de liquidité ; le marché secondaire peut être limité et à des prix bien inférieurs à la valeur nominale.
- Conflit d'intérêts ; Goldman peut couvrir ou négocier SPOT de manière défavorable aux détenteurs.
- Valeur estimée inférieure au prix d'émission indique un rendement négatif si détenu jusqu'au rappel sans coupons.
Les investisseurs doivent consulter le supplément préliminaire de tarification, le supplément de prospectus, le prospectus et le supplément aux conditions générales n° 17 741 pour les conditions complètes, les données historiques de SPOT et les considérations fiscales détaillées.
Goldman Sachs Group Inc. (GS) vermarktet über seine Tochtergesellschaft GS Finance Corp. Contingent Income Auto-Callable Securities, die an die Stammaktien von Spotify Technology S.A. (SPOT) gekoppelt sind. Die Schuldverschreibungen sind unbesicherte Verbindlichkeiten von GS Finance Corp. und werden vollständig und bedingungslos von The Goldman Sachs Group, Inc. garantiert.
Wesentliche strukturelle Merkmale
- Laufzeit: Geplante Emission am 16. Juli 2025, Fälligkeit am 14. Juli 2028, sofern nicht vorzeitig zurückgerufen.
- Basiswert: Schlusskurs der SPOT-Stammaktie.
- Bedingter vierteljährlicher Kupon: Am Preisfeststellungstag festgelegt, mindestens 29 $ pro 1.000 $ auf Jahresbasis, zahlbar nur, wenn SPOT am jeweiligen Beobachtungstag auf oder über der 50 % Abwärtsgrenze schließt. Nicht gezahlte Kupons verfallen ersatzlos.
- Automatischer Rückruf: Die Wertpapiere werden zum Nennwert plus fälligem Kupon zurückgezahlt, wenn SPOT an einem vierteljährlichen Beobachtungstag auf oder über dem anfänglichen Aktienkurs schließt, wodurch die Laufzeit vorzeitig beendet wird.
- Kapitalrisiko: Bei Fälligkeit, sofern nicht vorher zurückgerufen, und wenn SPOT unter 50 % des Anfangspreises gefallen ist, erfolgt die Rückzahlung entsprechend dem Aktienperformancefaktor, was Anleger einem vollen Verlust unterhalb dieser Schwelle aussetzt.
- Geschätzter Wert: 910 – 970 $, unter dem Ausgabepreis von 1.000 $, was Gebühren und Händleraufschläge widerspiegelt.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Investorprofil: Geeignet für Anleger, die eine erhöhte, aber nicht garantierte Rendite suchen und dafür ein Abwärtsrisiko bei Aktien, eine begrenzte Aufwärtsbeteiligung, eine komplexe steuerliche Behandlung und ein Kreditrisiko von GS eingehen.
Hauptrisiken
- Verlust von ganz oder teilweise Kapital, falls SPOT mehr als 50 % fällt.
- Möglichkeit von Null-Kuponen über mehrere Quartale.
- Kreditrisiko von GS Finance Corp. und The Goldman Sachs Group, Inc.
- Liquiditätsrisiko; Sekundärmarkt kann eingeschränkt sein und Preise deutlich unter Nennwert aufweisen.
- Interessenkonflikt; Goldman kann SPOT gegen die Inhaber absichern oder handeln.
- Geschätzter Wert unter Ausgabepreis weist auf negative Rendite hin, wenn bis zum Rückruf ohne Kupons gehalten wird.
Anleger sollten den vorläufigen Preiszusatz, den Prospektergänzungsbericht, den Prospekt und den allgemeinen Bedingungszusatz Nr. 17.741 für vollständige Bedingungen, historische SPOT-Daten und detaillierte steuerliche Überlegungen prüfen.
- High contingent coupon of at least $29 per quarter (≥11.6 % annually) if conditions met.
- 50 % downside threshold provides partial principal protection versus moderate market declines.
- Automatic call feature may return capital early, reducing duration risk.
- Guarantee by The Goldman Sachs Group, Inc. adds credit support compared with issuer-only structures.
- Principal at risk; investors incur full downside below the 50 % barrier, potentially losing entire investment.
- Coupons are not guaranteed; any quarter with SPOT below the threshold pays zero, reducing yield.
- No upside participation in SPOT appreciation beyond par plus coupon if called.
- Estimated value (91-97 % of par) indicates immediate negative mark-to-market and embedded fees.
- Complex tax and liquidity profile may deter some investors.
- Single-stock concentration in a volatile tech name increases barrier breach probability.
Insights
TL;DR Medium-risk retail note offers high conditional coupons and 50 % buffer, but full downside below threshold and no upside beyond coupons.
The instrument is a standard GS auto-call structure. The ≥$29 quarterly coupon (≥11.6 % p.a. equivalent) is attractive relative to current short-term rates, yet its payment is contingent on SPOT staying above the 50 % barrier. Historical volatility for SPOT means coupon loss events are plausible. Automatic call at first quarterly observation at-or-above issue price caps investor return to one coupon plus par, limiting upside. The internal estimated value (91-97 % of par) implies a 3-9 % initial fee drag. Overall, the note is best viewed as a buffered short-put strategy coupled with a high-coupon callable bond.
TL;DR Credit quality is strong, but structure exposes holders to equity risk and potential total loss; impact on GS balance sheet immaterial.
Because the securities rank pari passu with GS unsecured senior debt, investors carry GS credit risk. GS remains investment grade, so default probability is low, but not zero over three years. From GS’s standpoint, issuance size is likely modest, with negligible capital impact. For holders, risk concentration in a single high-beta tech name (Spotify) heightens probability of breaching the 50 % threshold. Lack of coupon accrual means negative carry in adverse markets. Liquidity in secondary trading is dealer-driven; bid-ask spreads can widen markedly. Tax treatment is uncertain; holders may face ordinary income character and potential withholding under FATCA.
Goldman Sachs Group Inc. (GS), tramite la sua controllata GS Finance Corp., sta offrendo in vendita Contingent Income Auto-Callable Securities collegati alle azioni ordinarie di Spotify Technology S.A. (SPOT). Le obbligazioni sono titoli non garantiti di GS Finance Corp. e sono completamente e incondizionatamente garantite da The Goldman Sachs Group, Inc.
Caratteristiche strutturali principali
- Durata: Emissione prevista per il 16 luglio 2025 e scadenza il 14 luglio 2028, salvo richiamo anticipato.
- Sottostante: Prezzo di chiusura dell'azione ordinaria SPOT.
- Coupon trimestrale condizionato: Determinato alla data di prezzo con un equivalente annualizzato non inferiore a 29 $ per 1.000 $, pagabile solo se SPOT chiude al di sopra della soglia di ribasso del 50% nella data di osservazione pertinente. I coupon non pagati non sono recuperabili.
- Richiamo automatico: I titoli vengono rimborsati a valore nominale più il coupon dovuto se SPOT chiude al di sopra del prezzo iniziale dell’azione in una qualsiasi data di osservazione trimestrale, terminando anticipatamente l'investimento.
- Capitale a rischio: Alla scadenza, se non richiamati precedentemente e se SPOT è sceso al di sotto del 50% del prezzo iniziale, il rimborso sarà pari al fattore di performance dell’azione, esponendo gli investitori a una perdita totale sotto tale soglia.
- Valore stimato: 910 – 970 $, inferiore al prezzo di offerta di 1.000 $, riflettendo commissioni e margini del dealer.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Profilo dell’investitore: Adatto a investitori che cercano un reddito maggiorato, ma non garantito, in cambio di un rischio di ribasso azionario, partecipazione limitata al rialzo, trattamento fiscale complesso e esposizione al credito di GS.
Principali rischi
- Perdita totale o parziale del capitale se SPOT scende oltre il 50%.
- Possibilità di coupon nulli per più trimestri consecutivi.
- Rischio di credito di GS Finance Corp. e The Goldman Sachs Group, Inc.
- Rischio di liquidità: mercato secondario limitato e a prezzi potenzialmente molto inferiori al valore nominale.
- Conflitto di interessi: Goldman Sachs potrebbe coprire o negoziare SPOT in modo sfavorevole per i detentori.
- Valore stimato inferiore al prezzo di emissione indica rendimento negativo se mantenuto fino al richiamo senza ricevere coupon.
Gli investitori dovrebbero consultare il supplemento preliminare di prezzo, il supplemento al prospetto, il prospetto e il supplemento ai termini generali n. 17.741 per i termini completi, i dati storici di SPOT e le dettagliate considerazioni fiscali.
Goldman Sachs Group Inc. (GS), a través de su subsidiaria GS Finance Corp., está comercializando Valores Auto-Callable de Ingresos Contingentes vinculados a las acciones ordinarias de Spotify Technology S.A. (SPOT). Los bonos son obligaciones no garantizadas de GS Finance Corp. y están garantizados total e incondicionalmente por The Goldman Sachs Group, Inc.
Características estructurales clave
- Plazo: Emisión prevista para el 16 de julio de 2025 y vencimiento el 14 de julio de 2028, salvo que se ejerza el llamado anticipado.
- Subyacente: Precio de cierre de las acciones ordinarias de SPOT.
- Cupón trimestral contingente: Fijado en la fecha de precio con un equivalente anualizado no inferior a 29 $ por cada 1.000 $, pagadero solo si SPOT cierra en o por encima del umbral de caída del 50% en la fecha de observación correspondiente. Los cupones no pagados no se recuperan.
- Llamado automático: Los valores se redimen al valor nominal más el cupón debido si SPOT cierra en o por encima del precio inicial de la acción en cualquier fecha de observación trimestral, terminando el instrumento anticipadamente.
- Principal en riesgo: Al vencimiento, si no se ha llamado antes y SPOT ha caído por debajo del 50% del precio inicial, el reembolso será igual al factor de rendimiento de la acción, exponiendo a los inversores a una pérdida total bajo ese umbral.
- Valor estimado: 910 – 970 $, por debajo del precio de oferta de 1.000 $, reflejando comisiones y márgenes del distribuidor.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Perfil del inversor: Adecuado para inversores que buscan ingresos mejorados, pero no garantizados, a cambio de riesgo de caída en renta variable, participación limitada en alzas, tratamiento fiscal complejo y exposición al crédito de GS.
Riesgos principales
- Pérdida total o parcial del capital si SPOT cae más del 50%.
- Posibilidad de cupones cero durante varios trimestres.
- Riesgo de crédito tanto de GS Finance Corp. como de The Goldman Sachs Group, Inc.
- Riesgo de liquidez; mercado secundario limitado y a precios posiblemente muy por debajo del valor nominal.
- Conflicto de intereses; Goldman puede cubrir o negociar SPOT en contra de los tenedores.
- Valor estimado por debajo del precio de emisión indica rendimiento negativo si se mantiene hasta el llamado sin cupones.
Los inversores deben revisar el suplemento preliminar de precios, suplemento de prospecto, prospecto y suplemento de términos generales n.º 17,741 para conocer todos los términos, datos históricos de SPOT y consideraciones fiscales detalladas.
골드만 삭스 그룹 주식회사(GS)는 자회사인 GS 파이낸스 코퍼레이션을 통해 Spotify Technology S.A.(SPOT)의 보통주와 연계된 조건부 수익 자동 상환 증권을 판매하고 있습니다. 이 증권은 GS 파이낸스 코퍼레이션의 무담보 채무이며, 골드만 삭스 그룹 주식회사에서 전액 무조건적으로 보증합니다.
주요 구조적 특징
- 만기: 2025년 7월 16일 발행 예정이며, 2028년 7월 14일 만기, 조기 상환되지 않는 한.
- 기초자산: SPOT 보통주의 종가.
- 조건부 분기 쿠폰: 가격 결정일에 연 환산 기준 최소 1,000달러당 29달러로 설정되며, 해당 관찰일에 SPOT 종가가 50% 하락 한계선 이상일 경우에만 지급됩니다. 미지급 쿠폰은 회복 불가능합니다.
- 자동 상환: SPOT 종가가 분기별 관찰일 중 어느 날에든 초기 주가 이상일 경우, 액면가와 해당 쿠폰을 지급하며 조기 종료됩니다.
- 원금 위험: 만기 시 조기 상환되지 않았고 SPOT가 초기 가격의 50% 이하로 하락한 경우, 주가 성과 지수에 따라 상환되어 투자자는 임계값 이하에서 전액 손실 위험에 노출됩니다.
- 예상 가치: 910~970달러로, 1,000달러 발행가보다 낮으며 수수료 및 딜러 마진이 반영된 금액입니다.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
투자자 프로필: 주식 하락 위험과 제한된 상승 참여, 복잡한 세금 처리, GS 신용 위험을 감수하는 대신 향상된 비보장 수익을 추구하는 투자자에게 적합합니다.
주요 위험
- 만약 SPOT가 50% 이상 하락하면 원금 일부 또는 전부 손실 가능성.
- 여러 분기 동안 쿠폰 지급 없음 가능성.
- GS 파이낸스 코퍼레이션 및 골드만 삭스 그룹 주식회사의 신용 위험.
- 유동성 위험; 2차 시장이 제한적이며 액면가보다 훨씬 낮은 가격에 거래될 수 있음.
- 이해 상충; 골드만 삭스가 투자자에게 불리하게 SPOT을 헤지하거나 거래할 수 있음.
- 예상 가치가 발행가보다 낮아 쿠폰 없이 만기까지 보유 시 음의 수익률 가능성.
투자자는 예비 가격 보충서, 증권 설명서 보충서, 증권 설명서 및 일반 조건 보충서 번호 17,741을 검토하여 전체 조건, SPOT의 과거 데이터 및 상세한 세금 고려사항을 확인해야 합니다.
Goldman Sachs Group Inc. (GS), par l'intermédiaire de sa filiale GS Finance Corp., commercialise des Contingent Income Auto-Callable Securities liés à l'action ordinaire de Spotify Technology S.A. (SPOT). Les titres sont des obligations non garanties de GS Finance Corp. et sont entièrement et inconditionnellement garanties par The Goldman Sachs Group, Inc.
Principales caractéristiques structurelles
- Durée: Émission prévue le 16 juillet 2025 et échéance le 14 juillet 2028, sauf rappel anticipé.
- Sous-jacent: Prix de clôture de l'action ordinaire SPOT.
- Coupon trimestriel conditionnel: Fixé à la date de tarification à un minimum de 29 $ par tranche de 1 000 $ en équivalent annualisé, payable uniquement si SPOT clôture à ou au-dessus du seuil de baisse de 50 % à la date d'observation correspondante. Les coupons non versés ne sont pas récupérables.
- Rappel automatique: Les titres sont remboursés à leur valeur nominale plus le coupon dû si SPOT clôture à ou au-dessus du prix initial de l'action à une date d'observation trimestrielle, mettant fin prématurément à l'opération.
- Capital à risque: À l'échéance, si non rappelés auparavant et si SPOT est tombé en dessous de 50 % du prix initial, le remboursement correspond au facteur de performance de l'action, exposant les investisseurs à une perte totale en dessous de ce seuil.
- Valeur estimée: 910 – 970 $, inférieure au prix d'émission de 1 000 $, reflétant les frais et marges du distributeur.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Profil de l'investisseur : Convient aux investisseurs recherchant un revenu amélioré, mais non garanti, en échange d'un risque de baisse sur actions, d'une participation limitée à la hausse, d'un traitement fiscal complexe et d'une exposition au risque de crédit de GS.
Principaux risques
- Perte totale ou partielle du capital si SPOT baisse de plus de 50 %.
- Possibilité de coupons nuls pendant plusieurs trimestres.
- Risque de crédit de GS Finance Corp. et The Goldman Sachs Group, Inc.
- Risque de liquidité ; le marché secondaire peut être limité et à des prix bien inférieurs à la valeur nominale.
- Conflit d'intérêts ; Goldman peut couvrir ou négocier SPOT de manière défavorable aux détenteurs.
- Valeur estimée inférieure au prix d'émission indique un rendement négatif si détenu jusqu'au rappel sans coupons.
Les investisseurs doivent consulter le supplément préliminaire de tarification, le supplément de prospectus, le prospectus et le supplément aux conditions générales n° 17 741 pour les conditions complètes, les données historiques de SPOT et les considérations fiscales détaillées.
Goldman Sachs Group Inc. (GS) vermarktet über seine Tochtergesellschaft GS Finance Corp. Contingent Income Auto-Callable Securities, die an die Stammaktien von Spotify Technology S.A. (SPOT) gekoppelt sind. Die Schuldverschreibungen sind unbesicherte Verbindlichkeiten von GS Finance Corp. und werden vollständig und bedingungslos von The Goldman Sachs Group, Inc. garantiert.
Wesentliche strukturelle Merkmale
- Laufzeit: Geplante Emission am 16. Juli 2025, Fälligkeit am 14. Juli 2028, sofern nicht vorzeitig zurückgerufen.
- Basiswert: Schlusskurs der SPOT-Stammaktie.
- Bedingter vierteljährlicher Kupon: Am Preisfeststellungstag festgelegt, mindestens 29 $ pro 1.000 $ auf Jahresbasis, zahlbar nur, wenn SPOT am jeweiligen Beobachtungstag auf oder über der 50 % Abwärtsgrenze schließt. Nicht gezahlte Kupons verfallen ersatzlos.
- Automatischer Rückruf: Die Wertpapiere werden zum Nennwert plus fälligem Kupon zurückgezahlt, wenn SPOT an einem vierteljährlichen Beobachtungstag auf oder über dem anfänglichen Aktienkurs schließt, wodurch die Laufzeit vorzeitig beendet wird.
- Kapitalrisiko: Bei Fälligkeit, sofern nicht vorher zurückgerufen, und wenn SPOT unter 50 % des Anfangspreises gefallen ist, erfolgt die Rückzahlung entsprechend dem Aktienperformancefaktor, was Anleger einem vollen Verlust unterhalb dieser Schwelle aussetzt.
- Geschätzter Wert: 910 – 970 $, unter dem Ausgabepreis von 1.000 $, was Gebühren und Händleraufschläge widerspiegelt.
- CUSIP/ISIN: 40058JLU7 / US40058JLU78
Investorprofil: Geeignet für Anleger, die eine erhöhte, aber nicht garantierte Rendite suchen und dafür ein Abwärtsrisiko bei Aktien, eine begrenzte Aufwärtsbeteiligung, eine komplexe steuerliche Behandlung und ein Kreditrisiko von GS eingehen.
Hauptrisiken
- Verlust von ganz oder teilweise Kapital, falls SPOT mehr als 50 % fällt.
- Möglichkeit von Null-Kuponen über mehrere Quartale.
- Kreditrisiko von GS Finance Corp. und The Goldman Sachs Group, Inc.
- Liquiditätsrisiko; Sekundärmarkt kann eingeschränkt sein und Preise deutlich unter Nennwert aufweisen.
- Interessenkonflikt; Goldman kann SPOT gegen die Inhaber absichern oder handeln.
- Geschätzter Wert unter Ausgabepreis weist auf negative Rendite hin, wenn bis zum Rückruf ohne Kupons gehalten wird.
Anleger sollten den vorläufigen Preiszusatz, den Prospektergänzungsbericht, den Prospekt und den allgemeinen Bedingungszusatz Nr. 17.741 für vollständige Bedingungen, historische SPOT-Daten und detaillierte steuerliche Überlegungen prüfen.
Free Writing Prospectus pursuant to Rule 433 dated July 3, 2025 / Registration Statement No. 333-284538
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
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GS Finance Corp. |
Contingent Income Auto-Callable Securities Based on the Performance of an Ordinary Share of Spotify Technology S.A. due July 14, 2028 |
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Principal at Risk Securities The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. You should read the accompanying preliminary pricing supplement dated July 2, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. |
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Coupon observation dates |
Coupon payment dates |
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October 13, 2025 |
October 16, 2025 |
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January 12, 2026 |
January 15, 2026 |
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April 13, 2026 |
April 16, 2026 |
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July 13, 2026 |
July 16, 2026 |
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October 12, 2026 |
October 15, 2026 |
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KEY TERMS |
January 11, 2027 |
January 14, 2027 |
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Company (Issuer) / Guarantor: |
GS Finance Corp. / The Goldman Sachs Group, Inc. |
April 12, 2027 |
April 15, 2027 |
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Underlying stock: |
an ordinary share of Spotify Technology S.A. (current Bloomberg ticker: “SPOT UN”) |
July 12, 2027 |
July 15, 2027 |
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Pricing date: |
expected to price on or about July 11, 2025 |
October 11, 2027 |
October 14, 2027 |
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Original issue date: |
expected to be July 16, 2025 |
January 11, 2028 |
January 14, 2028 |
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Coupon observation dates: |
as set forth under “Coupon observation dates” |
April 11, 2028 |
April 17, 2028 |
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Coupon payment dates: |
as set forth under “Coupon payment dates” |
July 11, 2028 (determination date) |
July 14, 2028 (stated maturity date) |
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Stated maturity date: |
expected to be July 14, 2028 |
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Payment at maturity (for each $1,000 stated principal amount of your securities): |
• if the final share price is greater than or equal to the downside threshold price, $1,000 plus the final contingent quarterly coupon; or • if the final share price is less than the downside threshold price, $1,000 × the share performance factor |
Hypothetical Payment Amount At Maturity |
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The Securities Have Not Been Automatically Called |
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Initial share price: |
the closing price of the underlying stock on the pricing date |
Hypothetical Final Share Price (as Percentage of Initial Share Price) |
Hypothetical Payment at Maturity (as Percentage of Principal Amount) |
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Final share price: |
the closing price of the underlying stock on the determination date |
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Call observation dates: |
each coupon observation date specified in the table commencing on October 13, 2025 and ending on April 11, 2028 |
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Call payment dates: |
the coupon payment date immediately after the applicable call observation date |
175.000% |
100.000%* |
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150.000% |
100.000%* |
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Determination date: |
the last coupon observation date, expected to be July 11, 2028 |
125.000% |
100.000%* |
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Downside threshold price: |
50.00% of the initial share price |
110.000% |
100.000%* |
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100.000% |
100.000%* |
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Automatic call feature: |
if, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price, your securities will be automatically called and, in addition to the contingent quarterly coupon then due, you will receive $1,000 for each $1,000 principal amount. No payments will be made after the call payment date. |
85.000% |
100.000%* |
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75.000% |
100.000%* |
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50.000% |
100.000%* |
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49.999% |
49.999% |
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Contingent quarterly coupon (set on the pricing date): |
subject to the automatic call feature, on each coupon payment date, for each $1,000 of the outstanding principal amount, the company will pay an amount in cash equal to: • if the closing price of the underlying stock on the applicable coupon observation date is greater than or equal to the downside threshold price, (i) the product of at least $29.00 (set on the pricing date) times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus (ii) the sum of all contingent quarterly coupons previously paid, if any; or • if the closing price of the underlying stock on the applicable coupon observation date is less than the downside threshold price, $0.00 |
45.000% |
45.000% |
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30.000% |
30.000% |
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25.000% |
25.000% |
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0.000% |
0.000% |
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* Does not include the final contingent quarterly coupon |
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Share performance factor: |
final share price / initial share price |
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CUSIP / ISIN: |
40058JLU7 / US40058JLU78 |
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Estimated value range: |
$910 to $970 (which is less than the original issue price; see the accompanying preliminary pricing supplement) |
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This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
About Your Securities |
The amount that you will be paid on your securities is based on the performance of an ordinary share of Spotify Technology S.A. The securities will mature on the stated maturity date unless they are automatically called on any call observation date. If the final share price is greater than or equal to the downside threshold price, you will receive your $1,000 principal amount of your securities plus a contingent quarterly coupon. You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold price, you will not receive a coupon payment and you will lose a significant portion or all of your investment.
Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon then due.
The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon observation date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold price, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment. If the closing price of the underlying stock on any coupon observation date is less than the downside threshold price, you will not receive a contingent quarterly coupon payment on the applicable coupon payment date.
The securities are for investors who seek to earn a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities.
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement if you so request by calling (212) 357-4612.
The securities are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
RISK FACTORS |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,741, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,741, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying stock. You should carefully consider whether the offered securities are appropriate given your particular circumstances.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Risks Related to Tax
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,741:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Risks Related to Tax
The following risk factors are discussed in greater detail in the accompanying prospectus supplement:
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements
TAX CONSIDERATIONS |
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Supplemental Discussion of U.S. Federal Income Tax Consequences” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax advisor.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
FAQ
What is the underlying asset of the GS contingent income auto-callable securities?
How much principal protection do the GS (GS Finance Corp.) notes offer?
When can the Goldman Sachs securities be automatically called?
What is the estimated value versus the $1,000 offering price?
What coupon can investors earn on the GS Spotify-linked notes?
What credit support backs these securities?
What are the CUSIP and ISIN for the offering?
