Commentary & Deal Flow

Launched:
10NC5: €1.4bn @ MS+137bp - Books >€7.4bn
Long 10NC5: £500m @ UKT+155bp - Books >£2.6bn

IPTs: 10NC5: MS+170a Long 10NC5: UKT+180/185bp

• Issuer: The Goldman Sachs Group, Inc.
• LEI: 784F5XWPLTWKTBV3E584
• Issuer Ratings: A2/BBB+/A (Moody's/S&P/Fitch)
• Issue Ratings: Baa2/BBB/BBB+ (Moody's/S&P/Fitch)
• Securities: Fixed Rate Reset Dated Subordinated Tier 2 notes
• Status of the Notes: The subordinated notes are unsecured and rank junior in right of payment to The Goldman Sachs Group, Inc.’s senior debt. The maturity of the subordinated notes will be accelerated only upon The Goldman Sachs Group, Inc.’s bankruptcy, insolvency, or reorganization, and not as a result of The Goldman Sachs Group, Inc.’s failure to pay interest or principal when due or upon the occurrence of another event of default.
• Tenor:
• • EUR: 10NC5
  • GBP: Long 10NC5
• Coupon:
• • EUR: FXD, Annual ACT/ACT
  • GBP: FXD, Semi-Annual ACT/ACT (Short First)
• Size:
• • EUR: €1.4bn
  • GBP: £500m
• Maturity:
• • EUR: 22-Apr-36
  • GBP: 22-Sep-36
• Reset Date:
• • EUR: 22-Apr-31
  • GBP: 22-Sep-31
• Settlement Date:
• • EUR: 22-Apr-26 (T+5)
  • GBP: 22-Apr-26 (T+5)
• ISIN:
• • EUR: XS3350929454
  • GBP: XS3350929702
• Benchmark:
• • GBP: UKT 0.25 31-Jul-31 (GB00BMGR2809)
• Interest:
• • EUR: The subordinated notes will bear interest (i) from the Issue Date to, but excluding the Reset Date at a fixed rate per annum of [x] % and (ii) from, and including, the Reset Date, to but excluding, the Maturity Date, at a rate per annum equal to the Five-Year Euro Swap Rate as of the Interest Determination Date plus [x] %.
  • GBP: The subordinated notes will bear interest (i) from the Issue Date to, but excluding the Reset Date at a fixed rate per annum of [x]% and (ii) from, and including, the Reset Date, to but excluding, the Maturity Date, at a rate per annum equal to the Five-Year UK Government Bond (GILT) Rate as of the Interest Determination Date plus [x] %
• Interest Payment Dates:
• • EUR: Interest on the subordinated notes will be payable annually in arrears on 22 April in each year, commencing on 22-Apr-27 up to and including the Maturity Date
  • GBP: Interest on the Tier 2 Notes will be payable semi-annually in arrears on 22 March and 22 September in each year, commencing on 22-Sep-26 up to and including the Maturity Date
• Tax Event: Applicable
• Optional Redemption: The Issuer at its option may redeem the subordinated notes (i) in whole, but not in part, on the Reset Date, upon not less than 5 business days’ prior written notice, at a redemption price equal to 100% of the principal amount of the subordinated notes being redeemed plus accrued and unpaid interest to but excluding the redemption date
• Listing: Luxembourg Stock Exchange’s regulated market
• Denoms/Forms:
• • EUR: €100,000 and integral multiples of €1,000 thereof / Registered Form
  • GBP: £100,000 and integral multiples of £1,000 thereof / Registered Form
• Governing Law: New York
• Docs: Issuer’s EMTN Programme, Series I
• Use of Proceeds: General corporate purposes
• Selling Restrictions: US: RegS Only; No sales into Canada; EEA and UK: offers to Qualified Investors only
• Tax: US issuer, see Final Terms and Programme Base Prospectus on FATCA withholding
• Target Markets: Manufacturer target market (EU MIFID / UK MIFIR product governance is eligible counterparties and professional clients only (all distribution channels))
• Lead Bookrunner: Goldman Sachs International (B&D)
• Schedule: Books open, today’s business
• Books Subject: 11.50 UKT / 12.50 CET