GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,043,000 face amount of Microsoft-linked structured notes under its medium-term note program. The notes pay no interest and are unsecured obligations of the issuer, ranking pari passu with its other senior debt.
The notes may be automatically called on July 30, 2027 if Microsoft’s stock closes at or above the initial price of $393.82, paying $1,211 per $1,000 face amount on August 4, 2027. If not called, the July 20, 2028 maturity payment depends on Microsoft’s stock performance: if the final price is at or above the initial price, investors receive the greater of $1,422 or full upside at a 100% participation rate. A 15% downside buffer protects principal down to 85% of the initial price; below that level, losses increase at about 117.65% of further declines, and investors could lose their entire investment.
The original issue price is 100% of face amount, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. The estimated value on the trade date is approximately $976 per $1,000, reflecting dealer compensation, hedging and model assumptions. The notes are not bank deposits, are not FDIC insured, and expose holders to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked notes due July 22, 2033 with an initial aggregate face amount of $818,000. The notes pay no interest and return at least 100% of face value at maturity if not earlier called, subject to issuer and guarantor credit risk.
Returns depend on the Goldman Sachs Momentum Builder® Focus ER Index, measured from the July 17, 2026 trade date to the July 19, 2033 determination date. If the index is at least 101% of the initial level of 113.23 on any annual call observation date from 2027–2032, the notes are automatically redeemed at face plus a fixed call return (from 9.35% to 56.1%).
If not called and the final index level is at least 101% of the initial level, investors receive a capped maturity payoff of $1,654.5 per $1,000 face amount, reflecting a 65.45% maximum gain; otherwise they receive $1,000. The estimated value at pricing is approximately $899 per $1,000, below the issue price, reflecting fees, hedging and structuring costs. The complex underlying index uses daily rebalancing, volatility and momentum controls, and a 0.65% per annum deduction, and can allocate heavily to cash-like positions, which may limit index and note returns.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked notes whose payoff is tied to an equally weighted basket of six alternative asset manager stocks: Apollo Global Management, Ares Management, Blackstone, The Carlyle Group, KKR and TPG. Each stock initially has a weighting of approximately 16.667% and the initial basket level is 100.
The notes pay no interest and mature in about 13 to 15 months. At maturity, investors receive $1,000 plus the basket performance, with 300% upside participation when the basket rises, but gains are capped at a maximum settlement amount expected between $1,380.4 and $1,446.1 per $1,000, corresponding to a cap level expected between 112.68% and 114.87% of the initial basket level. If the basket falls, the payoff declines one-for-one with the basket return, down to a potential loss of the entire principal.
The notes are unsecured obligations of GS Finance Corp. and are subject to the credit risk of both the issuer and the guarantor. The estimated value at pricing is expected between $900 and $930 per $1,000 face amount, below the original issue price, reflecting underwriting discounts, hedging costs and issuer economics. Investors forgo dividends on the underlying stocks, have limited anti-dilution protection, and may face limited or no secondary market liquidity.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,130,000 of Autocallable Contingent Coupon Index-Linked Notes due January 22, 2029, linked to the Russell 2000®, S&P 500® and Nasdaq‑100 Index®. The notes may be automatically called on quarterly observation dates from October 2026 through October 2028 if each index is at or above its initial level (2,962.217 for Russell 2000®, 7,457.69 for S&P 500®, 28,592.66 for Nasdaq‑100®). When outstanding, they pay a contingent coupon of $31.875 per $1,000 (3.1875% quarterly, up to 12.75% per year) only if on every trading day in the quarter each index stays at or above 70% of its initial level; otherwise no coupon is paid for that period.
At maturity, if not called, investors receive $1,000 per note plus any final coupon if the final level of each index is at least 60% of its initial level. If any index is below 60%, repayment is reduced one‑for‑one with the loss of the lesser performing index, potentially down to zero, and no final coupon is paid. The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc. The original issue price is 100% of face amount, with an underwriting discount of 0.45% and net proceeds of 99.55% to the issuer. The estimated value at pricing is approximately $997 per $1,000, reflecting issuer pricing models and credit spreads.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing structured notes linked to an equally weighted basket of 12 technology and defense stocks. The notes have an initial basket level of 100, a face amount of $3.95 million at issuance, and mature on July 20, 2029, unless automatically called on July 19, 2027.
If on the call observation date the basket level is at least 100, the notes are automatically redeemed for $1,146 per $1,000 face amount. If not called, the maturity payment depends on the basket return: positive returns are amplified by a 150% upside participation rate; returns between 0% and -30% provide a positive payoff equal to the absolute decline; returns below -30% cause a loss matching the negative basket return, with potential loss of most or all principal. The structure includes a 70% trigger buffer level, extensive anti-dilution and market-disruption mechanics, and exposes investors to the credit risk of GS Finance Corp. and its guarantor. The estimated value is approximately $903 per $1,000 at pricing, below the 100% issue price, reflecting fees and hedging costs.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering up to $540,000 face amount of unsecured structured notes linked to the common stock of Oracle, Meta Platforms Class A and Alphabet Class A. The notes pay contingent monthly coupons of $16.667 per $1,000 face amount (1.6667% monthly, up to ~20% per year) only when the closing price of each index stock on an observation date is at least 60% of its initial price. The notes can be automatically called beginning in October 2026 if, on a call observation date, each stock is at or above its initial price; in that case investors receive $1,000 per note plus the due coupon and no further payments. If not called, the notes mature on January 21, 2028. Principal protection depends on a 50% trigger buffer: if on the final observation date each stock is above 50% of its initial price, investors receive full face amount (and possibly the final coupon); if any stock is below 50%, repayment is reduced one-for-one with the worst-performing stock, potentially down to zero. The issuer discloses an estimated value of $964 per $1,000 at pricing, below the 100% issue price, and highlights credit risk of both GS Finance Corp. and the guarantor.
GS Finance Corp. is offering $500,000 face amount of unsecured structured notes linked to three ETFs: iShares Expanded Tech-Software Sector ETF, State Street Energy Select Sector SPDR ETF and VanEck Gold Miners ETF. The notes pay contingent monthly coupons and may be automatically called before their July 24, 2029 maturity.
Coupons of $13.334 per $1,000 (1.3334% monthly, up to ~16% per year) accrue only when, on an observation date, each ETF is at or above 60% of its initial level. The notes are automatically called starting January 2027 if all ETFs are at or above their initial levels of $92.80 (IGV), $57.68 (XLE) and $71.32 (GDX), returning face amount plus the applicable coupon.
If not called, principal repayment depends solely on the worst-performing ETF. If each ETF’s final level is at least 60% of its initial level, investors receive $1,000 plus the final coupon. If any ETF finishes below 60%, repayment is reduced in proportion to the worst ETF’s loss, with potential to lose up to 100% of principal and receive no coupon. The notes’ estimated value at pricing is $969 per $1,000, below the issue price, and all payments are subject to the credit risk of GS Finance Corp. and its guarantor, The Goldman Sachs Group, Inc.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the common stock of Salesforce, Inc. The notes have an aggregate face amount of $147,000, a face amount of $1,000 per note, and do not bear interest.
At maturity on October 21, 2027, holders receive a cash amount based on Salesforce’s performance from the July 17, 2026 trade date. If the final underlier level is above the initial level of $170.77, the return equals the underlier return but is capped at a maximum settlement amount of $1,390.50 per note. If the final level is between the initial level and the buffer level of 75% of the initial level, investors receive the full face amount. Below the buffer level, principal is reduced 1% for each 1% decline below the buffer, with potential for substantial loss of principal.
The original issue price is 100% of face, with a 0.55% underwriting discount, yielding 99.45% net proceeds to the issuer. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any securities exchange. The filing highlights structural, market, liquidity, and tax risks, and notes that the estimated value at pricing is less than the original issue price.
GS Finance Corp. is offering Buffered Digital S&P 500® Index-Linked Notes due October 13, 2027, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return depends solely on the S&P 500® Index level on the determination date, expected October 8, 2027.
For each $1,000 face amount, investors receive: the maximum upside settlement amount of $1,072.5 if the index return is greater than or equal to -7.25%; an amount equal to $1,000 plus the absolute index loss if the index return is between -7.25% and -20%; and a loss beyond a 20% buffer if the index return is below -20%, calculated as $1,000 plus $1,000 × (index return + 20%. Upside is capped at $1,072.5 regardless of how high the index rises.
The structure includes a 92.75% threshold level, an 80% buffer level and a 20% buffer amount. The estimated value at pricing is expected to be $925–$965 per $1,000, below issue price, and payments are subject to the credit risk of GS Finance Corp. and the guarantor. The notes are treated as contingent payment debt instruments for U.S. federal income tax purposes, requiring accrual of ordinary income over their term.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked notes due July 22, 2032 with an aggregate face amount of $5,266,000. The notes pay no interest and are linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, a leveraged, rules-based index targeting 40% volatility with up to 500% exposure and a 6.0% per annum daily decrement.
The notes may be automatically called quarterly from July 2027 onward if the index is at least 90% of the initial level of 495.82, paying $1,000 plus a call premium (starting at 23.0004% and rising over time) per $1,000 face amount. If not called and the final index level on July 19, 2032 is at least 90% of the initial level, investors receive the maximum settlement amount of $2,380.024 per $1,000 (a maturity date premium of 138.0024%).
Principal is protected only down to a 60% trigger buffer: if the index falls by more than 40%, repayment falls one-for-one with the index, and investors can lose their entire investment. The estimated value at pricing is about $955 per $1,000, below the 100% issue price, reflecting dealer compensation and structuring costs. Returns also depend on GS Finance Corp. and Goldman Sachs credit.