Goldman Sachs Launches $7.3 Million Intel-Linked Autocallable Notes Maturing in 2029

Equity-Linked Notes Structure and Coupon Details

Issued by GS Finance Corp., these structured notes offer quarterly income contingent on Intel's stock price. On each coupon payment date, investors receive $83.25 per $1,000 face amount if Intel's closing price on the coupon observation date is at least 50% of the initial underlier level ($105.45). If Intel’s closing price falls below this threshold, no coupon is paid for that period. This contingent coupon structure allows investors to benefit from positive stock performance while accepting the risk of missing payments if the stock declines significantly.

The coupon trigger level, set at half the initial underlier price ($52.73), provides a significant buffer before coupon payments are suspended. Observation dates start October 21, 2026, and continue quarterly through July 23, 2029. The original issue price is 100% of face value, with a 2% underwriting discount, resulting in net proceeds of 98% of face value to the issuer.

Automatic Call Feature and Early Redemption

The notes include an automatic call feature enabling GS Finance Corp. to redeem the notes early if Intel’s closing price reaches or exceeds $105.45 on any call observation date. These dates begin October 21, 2026, and occur quarterly through April 23, 2029. If triggered, investors receive $1,000 per $1,000 face amount plus any accrued coupon on the subsequent call payment date.

This feature caps upside potential, as the issuer can redeem notes early when Intel’s stock recovers to or above the initial level. Call payment dates immediately follow coupon payment dates, with the final call observation on April 23, 2029. Investors should note this may shorten the investment duration and limit gains if Intel’s stock appreciates significantly.

Maturity Payments and Downside Risk

If not called early, at maturity on July 26, 2029, GS Finance Corp. will pay based on Intel’s final closing price on July 23, 2029. If the final price is at or above the 50% trigger buffer ($52.73), investors receive full principal ($1,000 per $1,000 face value). If below, payment equals $1,000 plus a proportionate loss based on the stock’s decline relative to the initial price.

This means investors bear losses proportional to Intel’s stock depreciation below the trigger buffer. For instance, a final price just under $52.73 results in minimal principal recovery, with greater losses if the stock falls further. The filing clearly warns investors they "could lose your entire investment in the notes" if the stock declines significantly and the notes are not called.

Issuer Guarantee and Credit Considerations

GS Finance Corp. issues the notes, fully guaranteed by The Goldman Sachs Group, Inc., providing investors credit exposure to both entities. The notes are part of GS Finance Corp.'s Medium-Term Notes, Series F program, issued under a senior debt indenture dated October 10, 2008, as amended.

Goldman Sachs & Co. LLC acts as the calculation agent, responsible for determining coupon payments and final stock levels. The notes are not bank deposits, are not FDIC insured, and have not been approved or disapproved by the SEC or any regulatory body, emphasizing the market and credit risks investors assume.

Intel Stock as Underlying Asset and Market Impact

The notes are linked to Intel Corporation common stock (Bloomberg ticker "INTC UW"), with an initial price of $105.45 set on July 21, 2026. Intel’s stock performance over the three-year term directly affects coupon payments, early redemption, and principal repayment at maturity.

Investors effectively wager that Intel’s stock will remain between approximately $52.73 and $105.45 or recover above $105.45 to trigger early call. Falling below the trigger buffer exposes investors to principal losses. Given the semiconductor sector’s volatility and competitive landscape, investors face substantial market risk without forward-looking guidance on Intel’s business outlook.

Pricing, Valuation, and Economic Considerations

The original issue price is 100% of face value, less a 2% underwriting discount, yielding net proceeds of 98%. However, the estimated value on the trade date is $956 per $1,000 face amount, indicating an immediate economic discount of about 4.4%. This reflects the value of embedded features, such as contingent coupons, automatic call limits, and downside risk.

Investors paying par receive notes valued below par, reflecting the investment’s risk-return profile. The filing notes that secondary market prices may differ, and GS Finance Corp. may issue additional notes with different pricing and discounts after the initial offering.

Coupon Observation and Payment Schedule

Coupon observation dates occur quarterly from October 21, 2026, through July 23, 2029, with payments typically five business days later. The first coupon payment is October 26, 2026. Dates may adjust for market holidays or weekends. Investors receive coupons only if Intel’s stock closes above the coupon trigger level on observation dates, requiring monitoring of stock price near these dates.

Investment Risks and Important Considerations

The notes carry significant risks, including potential total loss if Intel’s stock falls below the trigger buffer at maturity. Contingent coupons may not be paid if the stock price is low, creating income uncertainty. The automatic call feature introduces reinvestment risk by potentially shortening the investment period.

Credit risk exists for both GS Finance Corp. and Goldman Sachs as guarantor. Market risk is amplified by Intel’s position in a volatile semiconductor industry. Secondary market liquidity may be limited, with potential price volatility and wide bid-ask spreads. Goldman Sachs & Co. LLC may engage in market-making activities post-offering.

Regulatory Framework and Program Details

The notes are issued under GS Finance Corp.'s Medium-Term Notes, Series F program, registered with the SEC. The offering is supplemented by documents including General Terms Supplement No. 17,745 (January 20, 2026), a prospectus supplement (February 14, 2025), and a base prospectus (February 14, 2025). Investors must review all documents for comprehensive understanding.

Issued in book-entry form under master note no. 3 dated March 22, 2021, the notes require holding through clearing systems. GS Finance Corp. disclaims responsibility for information outside official prospectus documents, underscoring the importance of relying solely on official disclosures for investment decisions.