Commentary & Deal Flow

Reoffer:
4nc3 FRN: 3m€+78bp / 100
4nc3 FXD/FRN: MS+68bp / 100 / 3.643%
8nc7 FXD/FRN: MS+105bp / 100 / 4.102%

Benchmark:
4nc3 FXD/FRN: OBL #189 2.1% 29-Apr-29 @ 98.245 / B+87.0bp / HR 109%
8nc7 FXD/FRN: DBR 2.3% 15-Feb-33 @ 96.175 / B+115.6bp / HR 104%

Tranche 1 (4nc3 FRN): Peak book >€2.7bn
Tranche 2 (4nc3 FXD/FRN): Peak book >€4.7bn
Tranche 3 (8nc7 FXD/FRN): Peak book >€5.4bn

Launched:
4NC3 FRN: €1.25bn @ 3m€+78bp - Books >€2.7bn
4NC3 FXD/FRN: €2.0bn @ MS+68bp - Books >€4.7bn
8NC7 FXD/FRN: €1.75bn @ MS+105bp - Books >€5.4bn

Spread set at:
4nc3 FRN: 3m€+78bp - Books >€2.6bn
4nc3 FXD/FRN: MS+68bp - Books >€4.4bn
8nc7 FXD/FRN: MS+105bp - Books >€4.2bn

Book Update: Combined books €8bn+ (4nc3 FRN: €2.2bn+, 4nc3 FXD/FRN: €2.7bn+, 8nc7 FXD/FRN: €3.1bn+)

IPTs:
4nc3 FRN: 3m€+100/105bp
4nc3 FXD/FRN: MS+90/95bp
8nc7 FXD/FRN: MS+125/130bp

• Issuer: The Goldman Sachs Group, Inc.
• LEI: 784F5XWPLTWKTBV3E584
• Ratings: A2 / BBB+ / A (Stab / Stab / Pos) (Moody's/S&P/Fitch)
• Ranking: Senior Unsecured, Unsubordinated
• Tenor:
• • 4nc3 FRN
  • 4nc3 Fixed to Floating
  • 8nc7 Fixed to Floating
• Maturity:
• • 4nc3 FRN: 22-Jul-30
  • 4nc3 Fixed to Floating: 22-Jul-30
  • 8nc7 Fixed to Floating: 22-Jul-34
• Optional Redemption Date:
• • 4nc3 FRN: 22-Jul-29
  • 4nc3 Fixed to Floating: 22-Jul-29
  • 8nc7 Fixed to Floating: 22-Jul-33
• Size:
• • 4nc3 FRN: €1.25bn
  • 4nc3 Fixed to Floating: €2bn
  • 8nc7 Fixed to Floating: €1.75bn
• Interest:
• • 4nc3 FRN: 3mth€+78bps + reoffer margin, Quarterly ACT/360 until maturity
  • 4nc3 FXD/FRN: 3.643% Annual ACT/ACT until Optional Redemption Date, then 3mth€ + reoffer margin, Quarterly ACT/360
  • 8nc7 FXD/FRN: 4.102% Annual ACT/ACT until Optional Redemption Date, then 3mth€ + reoffer margin, Quarterly ACT/360
• ISIN:
• • 4nc3 FRN: XS3447650907
  • 4nc3 Fixed to Floating: XS3447651202
  • 8nc7 Fixed to Floating: XS3447651111
• Par Call: Anytime 3mth prior to final maturity
• Settlement Date: 22-Jul-26 (T+5)
• Listing: Luxembourg Stock Exchange’s regulated market
• Denoms/Forms: €1,000 + €1,000 / Registered Form
• Law: New York
• Docs: Issuer’s EMTN Programme, Series F
• 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)
• Joint Lead Managers: CACIB / Erste Group / First Abu Dhabi Bank PJSC / Goodbody / La Banque Postale / Lloyds / Natixis / Nordea Bank Abp / Natwest / Nord/LB / SEB / TD Securities
• Co-leads: SMBC / MUFG
• Timing: Priced. FTT: 15:00 UKT / 16:00 CET. TOE: 14:34 UKT (4nc3 FRN) / 14:36 UKT (4nc3 FXD/FRN) / 14:39 UKT (8nc7 FXD/FRN)