GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $8,024,000 of Contingent Income Auto-Callable Securities linked to the common stock of Citigroup Inc., maturing on July 20, 2029.
Investors receive a $26.25 contingent quarterly coupon per $1,000 only if Citigroup’s closing price on a coupon observation date is at or above the downside threshold price of $84.084 (65% of the $129.36 initial share price). If on any call observation date the stock closes at or above the initial share price, the notes are automatically called for $1,000 plus the coupon then due, and no further payments are made.
If the notes are not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final coupon. If the final share price is below the downside threshold, repayment of principal is reduced one-for-one with the stock decline, potentially to $0. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value is approximately $969 per $1,000, below the issue price, and there may be limited or no secondary market. Tax treatment is uncertain and may change adversely.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the VanEck Semiconductor ETF (SMH), each with a $1,000 face amount. The notes pay no interest and are scheduled to mature on July 29, 2030, unless automatically called starting in August 2027 if the ETF closes at or above 90% of its initial level on a call observation date, triggering repayment of principal plus the applicable call premium.
If the notes are not called, the maturity payment depends on SMH’s level on the determination date. If the final level is at least 90% of the initial level, holders receive a capped maximum of $1,860 per $1,000. If the final level is between 60% and 90%, holders receive only the $1,000 face amount. Below the 60% trigger buffer, principal is reduced one-for-one with the ETF loss, and investors can lose their entire investment. The notes’ estimated initial value is $905–$945 per $1,000, below the issue price, and secondary-market values may be further affected by issuer/guarantor credit, ETF volatility, and various structural and tax factors.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index (USD) ER. The initial underlier level is 849.36 on July 17, 2026, and the notes mature on July 22, 2032, unless automatically called earlier.
For each $1,000 face amount, investors may receive a fixed monthly coupon of $15.542 (1.5542% per month, up to about 18.65% per year) on any coupon observation date when the index is at least 70% of the initial level. The notes are automatically called on quarterly call observation dates if the index is at or above the initial level, in which case investors receive $1,000 plus the applicable coupon.
If the notes are not called, principal repayment at maturity depends on the final index level. A 50% trigger buffer protects principal only down to 50% of the initial level; below that, repayment falls one-for-one with the index, and investors can lose their entire investment. The index itself is highly complex, uses up to 500% leverage, targets 40% volatility, and applies a 4% per annum decrement that drags performance. The estimated value is approximately $958 per $1,000 at pricing, reflecting fees, hedging and model assumptions, and payments are subject to the credit risk of GS Finance Corp. and its guarantor.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering equity-linked structured notes tied to an equally weighted basket of six large-cap stocks: Alphabet, Broadcom, Coherent, Eaton, RTX and Vistra. The initial basket level is 100, with each stock weighted at approximately 16.667%.
The notes pay no interest and may be automatically called on July 30, 2027 if the basket is at or above the initial level, returning $1,211.5 per $1,000 face amount on August 4, 2027. If not called, at maturity on July 20, 2028 investors receive leveraged upside at a 150% participation rate when the basket is above the initial level, full principal repayment when the basket decline is within a 20% buffer (down to a basket level of 80), and amplified downside via a 125% buffer rate for losses beyond that.
The estimated value at pricing is about $952 per $1,000 face amount, versus a 100% issue price, reflecting underwriting and structuring costs. The aggregate initial face amount is $4,292,000, with an underwriting discount of 1.5% and net proceeds of 98.5% of face. Investors are exposed to the credit risk of GS Finance Corp. and the guarantor, lack of dividends, complex market disruption and anti-dilution provisions, and the possibility of substantial or total loss of principal.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $17,320,000 of Contingent Income Auto-Callable Securities linked to the common stock of NVIDIA Corporation. Each security has a $1,000 principal amount, prices on July 17, 2026, and matures on July 20, 2029, unless automatically called.
The initial NVIDIA share price is $202.81, with a downside threshold of $101.405 (50.00% of the initial price). On each coupon observation date, investors receive a contingent quarterly coupon that accrues at $25.875 per observation per $1,000, but only if NVIDIA’s closing price is at or above the downside threshold; otherwise, the coupon is zero.
If on any call observation date the NVIDIA price is at or above the initial share price, the notes are automatically called, paying $1,000 plus the then-due contingent coupon and no further amounts. At maturity, if not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final contingent coupon; if below the threshold, repayment is $1,000 × (final price / initial price), exposing investors to significant principal loss, potentially to zero. The estimated value is $966 per $1,000 security, below the original issue price.
GS Finance Corp. is offering $2,067,000 of Callable Nasdaq-100 Technology Sector Index-Linked Notes due July 20, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are issued in $1,000 denominations at 100% of face amount, with a 3.25% underwriting discount and 96.75% net proceeds to the issuer.
From July 2027 through June 2029, GS may redeem the notes at 100% of face plus a call premium (rising from 15.75% to 45.9375%). If not called, the payoff at maturity depends on the Nasdaq-100 Technology Sector Index. Above the initial level of 16,403.53, investors receive 1.5 times the index gain; between 85% and 100% of the initial level, they receive principal only; below 85%, losses track index declines beyond a 15% buffer, and investors can lose most of their investment.
The estimated value is approximately $943 per $1,000 note on the trade date, reflecting structuring and distribution costs. Payments are subject to the credit risk of GS Finance Corp. and the guarantor, and the notes are characterized for U.S. tax purposes as pre-paid derivative contracts, with complex and uncertain tax treatment.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $18,848,000 of Contingent Income Auto-Callable Securities linked to Microsoft Corporation common stock, in $1,000 denominations, maturing on July 20, 2029 unless called earlier.
The notes pay a contingent quarterly coupon only if Microsoft’s closing price on each observation date is at or above the downside threshold price of $295.365 (75% of the $393.82 initial share price). If on any call observation date the stock closes at or above the initial share price, the notes are automatically called for $1,000 plus the coupon then due, and no further payments are made.
If the notes are not called and the final share price is at or above the downside threshold, investors receive $1,000 plus the final contingent coupon; if it is below, repayment is reduced 1-for-1 with the share performance factor and can fall to zero. Investors do not participate in any upside above par, bear full principal-at-risk exposure to Microsoft’s share price below the threshold, face the unsecured credit risk of GS Finance Corp. and its guarantor, and the estimated value is approximately $968 per $1,000 security, below the issue price.
GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due August 12, 2027, linked to the common stock of Marvell Technology, Inc. The notes are issued under Goldman’s Medium-Term Notes, Series F program.
Holders receive a contingent quarterly coupon only if the Marvell stock closing level on each observation date is at least 50% of the initial underlier level. The notes are automatically called if, on any call observation date, the underlier closes at or above its initial level, returning principal plus the due coupon.
At maturity, if the notes have not been called and the final underlier level is at or above the 50% buffer level, investors receive 100% of face value plus any final coupon. If the final level is below the buffer, principal loss is calculated using a 200% buffer rate, and investors can lose their entire investment. Investors have no equity, dividend or voting rights in Marvell, face credit risk of GS Finance Corp. and the guarantor, may receive no coupons, and could experience limited liquidity and market values below the original issue price.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $810,000 aggregate face amount of Leveraged Buffered Basket-Linked Notes due July 20, 2028. The notes pay no interest and return at maturity depends on a weighted equity basket: S&P 500 (35%), Russell 2000 (20%), EURO STOXX 50 (15%), Nasdaq-100 (15%) and MSCI Emerging Markets (15%).
The initial basket level is 100. Investors receive 200% of any positive basket return, capped by a cap level of 113.5% and a maximum settlement of $1,270 per $1,000. A 10% buffer protects principal down to a basket decline of 10%; below that, losses are linear via basket return plus 10%, so principal loss can be substantial. The estimated value at pricing is $980 per $1,000, below the 100% issue price, and payments are subject to the unsecured credit of GS Finance Corp. and its guarantor. For U.S. tax purposes, holders agree to treat the notes as a pre-paid derivative contract on the basket.
GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes with an aggregate face amount of $1,219,000. The notes pay no interest, may be automatically called quarterly from January 2027 if the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER closes at least 105% of the 495.82 initial level, and in that case pay $1,000 plus a specified call premium per $1,000 face amount.
If not called, the notes mature on July 22, 2032. At maturity, holders receive the face amount if the final index level is at least 60% of the initial level; above 105% they receive a capped maximum of $3,235 per $1,000, and below 60% they are fully exposed to index losses and could lose the entire investment. The underlier uses a 40% volatility target with leverage up to 500% and a 6.0% per annum daily decrement, which drags performance and can magnify declines. The estimated value is about $957 per $1,000, below the 100% issue price, reflecting structuring costs and dealer margin. Payments depend on GS Finance Corp. and Goldman Sachs credit.