[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Barclays Bank PLC is offering $8.322 million of Autocallable Fixed Coupon Notes due July 1, 2027 linked to the worst performer of Broadcom Inc. (AVGO) common stock and Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) ADRs. The securities are issued under the Global Medium-Term Notes, Series A program and are sold pursuant to a Rule 424(b)(2) prospectus supplement dated June 26, 2025.
Key commercial terms
- Coupon: fixed $33.80 per $1,000 note (13.52% p.a.) payable quarterly on eight scheduled dates from Oct 1 2025 through maturity.
- Automatic call: beginning Sept 26 2025, if the closing price of each reference asset is at or above its Initial Value on a Call Valuation Date, holders receive the $1,000 principal plus the current coupon and the notes are redeemed; no further payments accrue.
- Barrier protection: at maturity, if not previously called and the Final Value of the Least Performing asset is 鈮� 60% of its Initial Value, principal is repaid; otherwise investors receive (a) cash reflecting the full negative return or (b) at the issuer鈥檚 option, a delivery of shares (and cash for fractions) of the worst performer, exposing holders to up to 100 % loss of principal.
- Initial values & barriers: AVGO $270.17 (barrier $162.10); TSM $224.01 (barrier $134.41).
- Issue price: $1,000; estimated value: $981 (1.9% below issue price).
- Fees: 1.75% selling commission ($145,635 in aggregate) yielding net proceeds of $8.176 million.
- Credit exposure: senior unsecured obligations of Barclays Bank PLC subject to U.K. bail-in powers; not FDIC-insured or guaranteed by third parties.
- Liquidity: no exchange listing; any secondary trading will be on a best-efforts basis by Barclays Capital Inc. and may be discontinued at any time.
Risk highlights
- Full downside exposure below the 60% barrier; investors may lose the entire principal.
- No participation in any upside of AVGO or TSM; return capped at the fixed coupons.
- Issuer鈥檚 physical settlement option may result in delivery of depreciated shares instead of cash.
- Estimated value is below purchase price, reflecting distribution fees, hedging costs and Barclays鈥� internal funding spread.
- Subject to early redemption after ~3 months, creating reinvestment uncertainty.
- Exposure to Barclays credit risk and potential write-down or conversion under U.K. bail-in regime.
The notes target investors seeking enhanced income and willing to assume equity, issuer-credit and structural risks in exchange for a 13.52% annual coupon and conditional principal protection at a 40% drawdown threshold.
Barclays Bank PLC offre 8,322 milioni di dollari di Autocallable Fixed Coupon Notes con scadenza 1 luglio 2027 collegati al titolo peggiore tra le azioni ordinarie di Broadcom Inc. (AVGO) e gli ADR di Taiwan Semiconductor Manufacturing Co. Ltd. (TSM). I titoli sono emessi nell鈥檃mbito del programma Global Medium-Term Notes, Serie A, e venduti secondo un supplemento al prospetto Rule 424(b)(2) datato 26 giugno 2025.
Termini commerciali principali
- Coupon: fisso di $33,80 per ogni nota da $1.000 (13,52% annuo), pagabile trimestralmente in otto date previste da 1 ottobre 2025 fino alla scadenza.
- Richiamo automatico: a partire dal 26 settembre 2025, se il prezzo di chiusura di entrambi gli asset di riferimento 猫 pari o superiore al valore iniziale in una data di valutazione per il richiamo, i detentori ricevono il capitale di $1.000 pi霉 il coupon corrente e le note vengono rimborsate; non sono previsti ulteriori pagamenti.
- Protezione barriera: alla scadenza, se non richiamate prima e il valore finale dell鈥檃sset meno performante 猫 鈮� 60% del valore iniziale, il capitale viene rimborsato; in caso contrario, gli investitori ricevono (a) un pagamento in contanti corrispondente alla perdita totale o (b) a discrezione dell鈥檈mittente, la consegna di azioni (e contanti per le frazioni) del titolo peggiore, esponendo i detentori a una perdita fino al 100% del capitale.
- Valori iniziali e barriere: AVGO $270,17 (barriera $162,10); TSM $224,01 (barriera $134,41).
- Prezzo di emissione: $1.000; valore stimato: $981 (1,9% sotto il prezzo di emissione).
- Commissioni: 1,75% di commissione di vendita ($145.635 in totale), con ricavi netti pari a 8,176 milioni di dollari.
- Esposizione creditizia: obbligazioni senior non garantite di Barclays Bank PLC soggette al regime di bail-in del Regno Unito; non assicurate dalla FDIC n茅 garantite da terzi.
- 尝颈辩耻颈诲颈迟脿: nessuna quotazione in borsa; il trading secondario sar脿 effettuato su base best-efforts da Barclays Capital Inc. e potr脿 essere interrotto in qualsiasi momento.
Rischi principali
- Esposizione completa al ribasso sotto la barriera del 60%; possibile perdita totale del capitale.
- Assenza di partecipazione all鈥檃umento di AVGO o TSM; rendimento limitato ai coupon fissi.
- La possibilit脿 di regolamento fisico da parte dell鈥檈mittente pu貌 comportare la consegna di azioni deprezzate invece del contante.
- Il valore stimato 猫 inferiore al prezzo di acquisto, riflettendo commissioni di distribuzione, costi di copertura e spread di finanziamento interno di Barclays.
- Possibilit脿 di rimborso anticipato dopo circa 3 mesi, con incertezza sul reinvestimento.
- Esposizione al rischio di credito di Barclays e potenziali svalutazioni o conversioni nel regime di bail-in del Regno Unito.
Le note sono rivolte a investitori che cercano un reddito maggiorato e sono disposti ad assumersi rischi azionari, di credito dell鈥檈mittente e strutturali, in cambio di un coupon annuo del 13,52% e una protezione condizionata del capitale con soglia di drawdown al 40%.
Barclays Bank PLC ofrece $8.322 millones en Notas con Cup贸n Fijo Autollamables con vencimiento el 1 de julio de 2027 vinculadas al peor desempe帽o entre las acciones ordinarias de Broadcom Inc. (AVGO) y los ADRs de Taiwan Semiconductor Manufacturing Co. Ltd. (TSM). Los valores se emiten bajo el programa Global Medium-Term Notes, Serie A, y se venden conforme a un suplemento del prospecto Rule 424(b)(2) fechado el 26 de junio de 2025.
T茅rminos comerciales clave
- 颁耻辫贸苍: fijo de $33.80 por cada nota de $1,000 (13.52% anual), pagadero trimestralmente en ocho fechas programadas desde el 1 de octubre de 2025 hasta el vencimiento.
- Llamado autom谩tico: a partir del 26 de septiembre de 2025, si el precio de cierre de cada activo de referencia est谩 igual o por encima de su Valor Inicial en una Fecha de Valoraci贸n de Llamado, los tenedores reciben el principal de $1,000 m谩s el cup贸n actual y las notas se redimen; no se acumulan pagos adicionales.
- Protecci贸n de barrera: al vencimiento, si no se ha llamado antes y el Valor Final del activo de menor desempe帽o es 鈮� 60% de su Valor Inicial, se reembolsa el principal; de lo contrario, los inversores reciben (a) efectivo que refleja la p茅rdida total o (b) a opci贸n del emisor, la entrega de acciones (y efectivo por fracciones) del peor desempe帽o, exponiendo a los tenedores a una p茅rdida de hasta el 100% del principal.
- Valores iniciales y barreras: AVGO $270.17 (barrera $162.10); TSM $224.01 (barrera $134.41).
- Precio de emisi贸n: $1,000; valor estimado: $981 (1.9% por debajo del precio de emisi贸n).
- Comisiones: 1.75% de comisi贸n de venta ($145,635 en total), generando ingresos netos de $8.176 millones.
- Exposici贸n crediticia: obligaciones senior no garantizadas de Barclays Bank PLC sujetas a poderes de rescate en el Reino Unido; no aseguradas por la FDIC ni garantizadas por terceros.
- Liquidez: sin cotizaci贸n en bolsa; cualquier negociaci贸n secundaria ser谩 bajo esfuerzo razonable por Barclays Capital Inc. y puede suspenderse en cualquier momento.
Aspectos destacados de riesgo
- Exposici贸n total a la baja por debajo de la barrera del 60%; los inversores pueden perder todo el principal.
- No hay participaci贸n en ninguna subida de AVGO o TSM; el rendimiento est谩 limitado a los cupones fijos.
- La opci贸n de liquidaci贸n f铆sica del emisor puede resultar en la entrega de acciones depreciadas en lugar de efectivo.
- El valor estimado est谩 por debajo del precio de compra, reflejando comisiones de distribuci贸n, costos de cobertura y el margen interno de financiamiento de Barclays.
- Sujeto a redenci贸n anticipada tras aproximadamente 3 meses, generando incertidumbre para la reinversi贸n.
- Exposici贸n al riesgo crediticio de Barclays y posible reducci贸n o conversi贸n bajo el r茅gimen de rescate del Reino Unido.
Las notas est谩n dirigidas a inversores que buscan ingresos mejorados y est谩n dispuestos a asumir riesgos de renta variable, cr茅dito del emisor y estructurales a cambio de un cup贸n anual del 13.52% y protecci贸n condicional del principal con un umbral de ca铆da del 40%.
Barclays Bank PLC電� Broadcom Inc. (AVGO) 氤错喌欤检檧 Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) ADR 欷� 斓滌爛 靹标臣毳� 氤挫澊電� 鞛愳偘鞐� 鞐半彊霅� 2027雲� 7鞗� 1鞚� 毵岅赴 鞛愲彊靸來櫂 瓿犾爼炜犿彴 雲疙姼 832毵� 2,000雼煬毳� 鞝滉车頃╇媹雼�. 頃措嫻 歃濌秾鞚� Global Medium-Term Notes, Series A 頂勲攴鸽灗 頃橃棎 氚滍枆霅橂┌, 2025雲� 6鞗� 26鞚检瀽 Rule 424(b)(2) 氤挫订靹る獏靹滌棎 霐半澕 韺愲Г霅╇媹雼�.
欤检殧 靸侅梾 臁瓣贝
- 炜犿彴: 1,000雼煬 雲疙姼雼� 瓿犾爼 33.80雼煬(鞐� 13.52%)搿� 2025雲� 10鞗� 1鞚茧秬韯� 毵岅赴旯岇 齑� 8須� 攵勱赴氤� 歆�旮�.
- 鞛愲彊靸来櫂: 2025雲� 9鞗� 26鞚茧秬韯� 臧� 旮办 鞛愳偘鞚� 膦呹皜臧� 靸來櫂韽夑皜鞚检棎 齑堦赴 臧�旃� 鞚挫儊鞚� 瓴届毎, 氤挫湢鞛愲姅 1,000雼煬 鞗愱笀瓿� 順勳灛 炜犿彴鞚� 氚涥碃 雲疙姼臧� 靸來櫂霅橂┌ 於旉皜 歆�旮夓潃 鞐嗢姷雼堧嫟.
- 鞛ル步 氤错樃: 毵岅赴 鞁� 鞚挫爠鞐� 靸來櫂霅橃 鞎婌晿瓿� 斓滌爛 靹标臣 鞛愳偘鞚� 斓滌 臧�旃橁皜 齑堦赴 臧�旃橃潣 60% 鞚挫儊鞚措┐ 鞗愱笀鞚� 靸來櫂霅╇媹雼�. 攴鸽爣歆� 鞎婌溂氅� 韴瀽鞛愲姅 (a) 鞝� 靻愳嫟鞚� 氚橃榿頃� 順勱笀 霕愲姅 (b) 氚滍枆鞚� 靹犿儩鞐� 霐半澕 斓滌爛 靹标臣 鞛愳偘鞚� 欤检嫕(氚� 靻岇垬 欤检嫕鞐� 雽�頃� 順勱笀)鞚� 氚涥矊 霅橃柎 斓滊寑 100% 鞗愱笀 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�.
- 齑堦赴 臧�旃� 氚� 鞛ル步: AVGO $270.17 (鞛ル步 $162.10); TSM $224.01 (鞛ル步 $134.41).
- 氚滍枆臧赌: $1,000; 於旍爼 臧�旃�: $981 (氚滍枆臧� 雽�牍� 1.9% 雮潓).
- 靾橃垬耄�: 1.75% 韺愲Г 靾橃垬耄�(齑� $145,635)搿� 靾滌垬鞚� $8,176,000.
- 鞁犾毄 雲胳稖: Barclays Bank PLC鞚� 靹犾垳鞙� 氍措嫶氤� 毂勲搿� 鞓侁淡鞚� 氩犾澕鞚� 甓岉暅 雽�靸侅澊氅� FDIC 氤错棙 霕愲姅 鞝�3鞛� 氤挫 鞐嗢潓.
- 鞙犽彊靹�: 瓯半灅靻� 靸侅灔 鞐嗢潓; 2彀� 瓯半灅電� Barclays Capital Inc.臧� 斓滌劆鞚� 雲鸽牓鞙茧 歆勴枆頃橂┌ 鞏胳牅霌犾 欷戨嫧霅� 靾� 鞛堨潓.
鞙勴棙 鞖旍暯
- 60% 鞛ル步 鞚错晿鞐愳劀電� 鞝勲┐鞝侅澑 頃橂澖 鞙勴棙 雲胳稖; 韴瀽鞛愲姅 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚 鞛堨潓.
- AVGO 霕愲姅 TSM鞚� 靸侅姽 彀胳棳 鞐嗢潓; 靾橃澋鞚� 瓿犾爼 炜犿彴鞙茧 鞝滍暅霅�.
- 氚滍枆鞚胳潣 鞁る 瓴办牅 靹犿儩 鞁� 臧愱皜霅� 欤检嫕鞚� 順勱笀 雽�鞁� 鞚鸽弰霅� 靾� 鞛堨潓.
- 於旍爼 臧�旃橂姅 攵勲鞍 靾橃垬耄�, 項れ 牍勳毄 氚� Barclays 雮措秬 鞛愱笀 臁半嫭 鞀ろ攧霠堧摐毳� 氚橃榿頃橃棳 毵れ瀰臧�氤措嫟 雮潓.
- 鞎� 3臧滌洈 頉� 臁瓣赴 靸來櫂 臧�電レ劚鞙茧 鞛埇鞛� 攵堩檿鞁れ劚 臁挫灛.
- Barclays 鞁犾毄 鞙勴棙 氚� 鞓侁淡 氩犾澕鞚� 鞝滊弰鞐� 霐半ジ 鞛犾灛鞝� 臧愳暋 霕愲姅 鞝勴櫂 鞙勴棙 雲胳稖.
鞚� 雲疙姼電� 鞐� 13.52% 炜犿彴瓿� 40% 靻愳嫟 頃滊弰 臁瓣贝攵� 鞗愱笀 氤错樃毳� 雽�臧�搿� 欤检嫕, 氚滍枆鞚� 鞁犾毄 氚� 甑“鞝� 鞙勴棙鞚� 臧愳垬頃� 鞚橅枼鞚� 鞛堧姅 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃╇媹雼�.
Barclays Bank PLC propose 8,322 millions de dollars de Notes 脿 coupon fixe autocallables arrivant 脿 茅ch茅ance le 1er juillet 2027 li茅es 脿 la moins bonne performance entre les actions ordinaires de Broadcom Inc. (AVGO) et les ADRs de Taiwan Semiconductor Manufacturing Co. Ltd. (TSM). Les titres sont 茅mis dans le cadre du programme Global Medium-Term Notes, s茅rie A, et vendus conform茅ment 脿 un suppl茅ment de prospectus Rule 424(b)(2) dat茅 du 26 juin 2025.
Principaux termes commerciaux
- Coupon : fixe de 33,80 $ par note de 1 000 $ (13,52 % p.a.), payable trimestriellement lors de huit dates programm茅es du 1er octobre 2025 jusqu鈥櫭� l鈥櫭ヽh茅ance.
- Rappel automatique : 脿 partir du 26 septembre 2025, si le cours de cl么ture de chaque actif de r茅f茅rence est 茅gal ou sup茅rieur 脿 sa valeur initiale 脿 une date d鈥櫭﹙aluation de rappel, les d茅tenteurs re莽oivent le principal de 1 000 $ plus le coupon en cours, et les notes sont rembours茅es ; aucun paiement suppl茅mentaire n鈥檈st d没.
- Protection barri猫re : 脿 l鈥櫭ヽh茅ance, si les notes n鈥檕nt pas 茅t茅 rappel茅es auparavant et que la valeur finale de l鈥檃ctif le moins performant est 鈮� 60 % de sa valeur initiale, le principal est rembours茅 ; sinon, les investisseurs re莽oivent (a) un paiement en esp猫ces refl茅tant la perte totale ou (b) au choix de l鈥櫭﹎etteur, une livraison d鈥檃ctions (et esp猫ces pour les fractions) de la moins bonne performance, exposant les d茅tenteurs 脿 une perte pouvant atteindre 100 % du principal.
- Valeurs initiales et barri猫res : AVGO 270,17 $ (barri猫re 162,10 $) ; TSM 224,01 $ (barri猫re 134,41 $).
- Prix d鈥櫭﹎ission : 1 000 $ ; valeur estim茅e : 981 $ (1,9 % en dessous du prix d鈥櫭﹎ission).
- Frais : commission de vente de 1,75 % (145 635 $ au total), g茅n茅rant un produit net de 8,176 millions de dollars.
- Exposition au cr茅dit : obligations senior non garanties de Barclays Bank PLC soumises aux pouvoirs de renflouement interne au Royaume-Uni ; non assur茅es par la FDIC ni garanties par des tiers.
- Liquidit茅 : pas de cotation en bourse ; toute n茅gociation secondaire se fera sur une base best-efforts par Barclays Capital Inc. et pourra 锚tre interrompue 脿 tout moment.
Points cl茅s de risque
- Exposition totale 脿 la baisse sous la barri猫re de 60 % ; les investisseurs peuvent perdre la totalit茅 du principal.
- Aucune participation 脿 la hausse d鈥橝VGO ou TSM ; rendement plafonn茅 aux coupons fixes.
- L鈥檕ption de r猫glement physique de l鈥櫭﹎etteur peut entra卯ner la livraison d鈥檃ctions d茅pr茅ci茅es au lieu d鈥檈sp猫ces.
- La valeur estim茅e est inf茅rieure au prix d鈥檃chat, refl茅tant les frais de distribution, les co没ts de couverture et la marge de financement interne de Barclays.
- Sujet 脿 un remboursement anticip茅 apr猫s environ 3 mois, cr茅ant une incertitude de r茅investissement.
- Exposition au risque de cr茅dit de Barclays et 脿 une 茅ventuelle d茅pr茅ciation ou conversion dans le cadre du r茅gime de renflouement interne du Royaume-Uni.
Ces notes s鈥檃dressent aux investisseurs recherchant un revenu am茅lior茅 et pr锚ts 脿 assumer des risques li茅s aux actions, au cr茅dit de l鈥櫭﹎etteur et 脿 la structure, en 茅change d鈥檜n coupon annuel de 13,52 % et d鈥檜ne protection conditionnelle du principal avec un seuil de baisse de 40 %.
Barclays Bank PLC bietet 8,322 Millionen US-Dollar an Autocallable Fixed Coupon Notes mit F盲lligkeit am 1. Juli 2027 an, die an die schlechteste Entwicklung der Stammaktien von Broadcom Inc. (AVGO) und der Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) ADRs gekoppelt sind. Die Wertpapiere werden im Rahmen des Global Medium-Term Notes, Serie A Programms ausgegeben und gem盲脽 einem Rule 424(b)(2) Prospekterg盲nzung vom 26. Juni 2025 verkauft.
Wesentliche kommerzielle Bedingungen
- Kupon: fester Betrag von 33,80 USD pro 1.000 USD Note (13,52 % p.a.), zahlbar viertelj盲hrlich an acht geplanten Terminen von 1. Oktober 2025 bis zur F盲lligkeit.
- Automatischer R眉ckruf: ab dem 26. September 2025, wenn der Schlusskurs jedes Referenzwerts an einem R眉ckrufbewertungstag auf oder 眉ber seinem Anfangswert liegt, erhalten die Inhaber den Nennwert von 1.000 USD zuz眉glich des aktuellen Kupons, und die Notes werden zur眉ckgezahlt; weitere Zahlungen entfallen.
- Barriere-Schutz: bei F盲lligkeit, sofern nicht zuvor zur眉ckgerufen, und der Endwert des schlechtesten Verm枚genswerts 鈮� 60 % seines Anfangswerts ist, wird der Nennwert zur眉ckgezahlt; andernfalls erhalten die Anleger (a) eine Barauszahlung entsprechend der vollst盲ndigen negativen Rendite oder (b) nach Wahl des Emittenten eine Lieferung von Aktien (und Bargeld f眉r Bruchteile) des schlechtesten Performers, wodurch die Inhaber einem Risiko eines Totalverlusts ausgesetzt sind.
- Anfangswerte & Barrieren: AVGO 270,17 USD (Barriere 162,10 USD); TSM 224,01 USD (Barriere 134,41 USD).
- Ausgabepreis: 1.000 USD; gesch盲tzter Wert: 981 USD (1,9 % unter dem Ausgabepreis).
- 骋别产眉丑谤别苍: 1,75 % Verkaufskommission (insgesamt 145.635 USD), was Nettoerl枚se von 8,176 Millionen USD ergibt.
- Kreditrisiko: unbesicherte Senior-Verbindlichkeiten von Barclays Bank PLC, unterliegen den Bail-in-Befugnissen des Vereinigten K枚nigreichs; nicht FDIC-versichert oder von Dritten garantiert.
- 尝颈辩耻颈诲颈迟盲迟: keine B枚rsennotierung; jeglicher Sekund盲rhandel erfolgt auf Best-Effort-Basis durch Barclays Capital Inc. und kann jederzeit eingestellt werden.
Risikohighlights
- Volle Abw盲rtsrisiken unterhalb der 60%-Barriere; Anleger k枚nnen das gesamte Kapital verlieren.
- Keine Partizipation an Kurssteigerungen von AVGO oder TSM; Rendite ist auf die festen Kupons begrenzt.
- Die physische Abwicklung durch den Emittenten kann zur Lieferung von entwerteten Aktien anstelle von Bargeld f眉hren.
- Der gesch盲tzte Wert liegt unter dem Kaufpreis, was Vertriebsgeb眉hren, Absicherungskosten und Barclays interne Finanzierungsspanne widerspiegelt.
- Fr眉hzeitige R眉ckzahlung nach etwa 3 Monaten m枚glich, was Unsicherheit bei der Wiederanlage schafft.
- Exponierung gegen眉ber Barclays Kreditrisiko und m枚glicher Abschreibung oder Umwandlung im Rahmen des Bail-in-Regimes des Vereinigten K枚nigreichs.
Die Notes richten sich an Anleger, die ein erh枚htes Einkommen suchen und bereit sind, Aktien-, Emittenten-Kredit- und Strukturierungsrisiken im Austausch f眉r einen j盲hrlichen Kupon von 13,52 % und eine bedingte Kapitalschutzschwelle bei 40 % Drawdown zu 眉bernehmen.
- High fixed coupon: 13.52% per annum provides meaningful income in a low-to-mid-single-digit rate environment.
- 60 % barrier: conditional principal protection up to a 40 % decline offers some downside buffer compared with direct equity exposure.
- Automatic call feature could return capital in as little as three months, boosting annualized yield if reference assets stay flat or rise modestly.
- Full downside risk: investors bear 100 % loss if the worst performer closes below the barrier and equity declines exceed 40 %.
- No upside participation: returns are capped at coupon payments; equity appreciation beyond call level is forfeited.
- Credit & bail-in exposure: repayment depends on Barclays鈥� solvency and is subject to statutory write-down or conversion.
- Estimated value discount: internal valuation $981 vs. $1,000 issue price reflects fees and hedging costs borne by investors.
- Illiquidity: unlisted security with only discretionary secondary market making by Barclays Capital Inc.
Insights
TL;DR 鈥� 13.52% coupon is attractive, but principal is fully at risk below 60% barrier and no upside; credit and bail-in risk remain.
The structure offers a high fixed income stream and short call observation periods that could return capital early. Because redemption requires both AVGO and TSM to meet their Initial Values, call probability is moderate but not guaranteed. Barrier protection at 60 % affords some buffer, yet semiconductor equities are historically volatile; a 40 % drawdown over two years is plausible, putting principal at risk. Investors forego any equity appreciation and face negative carry if the notes are called quickly. The $19 discount between estimated and issue price shows embedded distribution and hedging costs. Lack of listing and discretionary secondary market support impair liquidity. Overall, income-seeking investors with a tactical view that both shares will remain range-bound or modestly positive may find value, but risk-adjusted returns hinge on equity performance and Barclays鈥� credit profile.
TL;DR 鈥� Structure concentrates downside, embeds issuer bail-in exposure, and offers limited diversification; impact broadly neutral to Barclays.
From a risk standpoint, the note stacks several adverse features: (1) worst-of payoff drives convex downside; (2) physical settlement option can magnify losses if liquidity in the underlying deteriorates; (3) U.K. bail-in clause subordinates investors to resolution tools; and (4) illiquidity precludes active risk management. The 60 % barrier sounds protective, yet tail scenarios show 100 % loss. Credit spread widening in Barclays senior unsecured curve could further depress secondary prices. Tax treatment is uncertain, and holders must navigate complex 871(m) and put-premium allocations. However, issuance size is modest ($8.3 million) and immaterial to Barclays鈥� balance sheet, so enterprise risk impact is low. For investors, risk/return skews negative unless one has strong conviction in near-term semiconductor resilience.
Barclays Bank PLC offre 8,322 milioni di dollari di Autocallable Fixed Coupon Notes con scadenza 1 luglio 2027 collegati al titolo peggiore tra le azioni ordinarie di Broadcom Inc. (AVGO) e gli ADR di Taiwan Semiconductor Manufacturing Co. Ltd. (TSM). I titoli sono emessi nell鈥檃mbito del programma Global Medium-Term Notes, Serie A, e venduti secondo un supplemento al prospetto Rule 424(b)(2) datato 26 giugno 2025.
Termini commerciali principali
- Coupon: fisso di $33,80 per ogni nota da $1.000 (13,52% annuo), pagabile trimestralmente in otto date previste da 1 ottobre 2025 fino alla scadenza.
- Richiamo automatico: a partire dal 26 settembre 2025, se il prezzo di chiusura di entrambi gli asset di riferimento 猫 pari o superiore al valore iniziale in una data di valutazione per il richiamo, i detentori ricevono il capitale di $1.000 pi霉 il coupon corrente e le note vengono rimborsate; non sono previsti ulteriori pagamenti.
- Protezione barriera: alla scadenza, se non richiamate prima e il valore finale dell鈥檃sset meno performante 猫 鈮� 60% del valore iniziale, il capitale viene rimborsato; in caso contrario, gli investitori ricevono (a) un pagamento in contanti corrispondente alla perdita totale o (b) a discrezione dell鈥檈mittente, la consegna di azioni (e contanti per le frazioni) del titolo peggiore, esponendo i detentori a una perdita fino al 100% del capitale.
- Valori iniziali e barriere: AVGO $270,17 (barriera $162,10); TSM $224,01 (barriera $134,41).
- Prezzo di emissione: $1.000; valore stimato: $981 (1,9% sotto il prezzo di emissione).
- Commissioni: 1,75% di commissione di vendita ($145.635 in totale), con ricavi netti pari a 8,176 milioni di dollari.
- Esposizione creditizia: obbligazioni senior non garantite di Barclays Bank PLC soggette al regime di bail-in del Regno Unito; non assicurate dalla FDIC n茅 garantite da terzi.
- 尝颈辩耻颈诲颈迟脿: nessuna quotazione in borsa; il trading secondario sar脿 effettuato su base best-efforts da Barclays Capital Inc. e potr脿 essere interrotto in qualsiasi momento.
Rischi principali
- Esposizione completa al ribasso sotto la barriera del 60%; possibile perdita totale del capitale.
- Assenza di partecipazione all鈥檃umento di AVGO o TSM; rendimento limitato ai coupon fissi.
- La possibilit脿 di regolamento fisico da parte dell鈥檈mittente pu貌 comportare la consegna di azioni deprezzate invece del contante.
- Il valore stimato 猫 inferiore al prezzo di acquisto, riflettendo commissioni di distribuzione, costi di copertura e spread di finanziamento interno di Barclays.
- Possibilit脿 di rimborso anticipato dopo circa 3 mesi, con incertezza sul reinvestimento.
- Esposizione al rischio di credito di Barclays e potenziali svalutazioni o conversioni nel regime di bail-in del Regno Unito.
Le note sono rivolte a investitori che cercano un reddito maggiorato e sono disposti ad assumersi rischi azionari, di credito dell鈥檈mittente e strutturali, in cambio di un coupon annuo del 13,52% e una protezione condizionata del capitale con soglia di drawdown al 40%.
Barclays Bank PLC ofrece $8.322 millones en Notas con Cup贸n Fijo Autollamables con vencimiento el 1 de julio de 2027 vinculadas al peor desempe帽o entre las acciones ordinarias de Broadcom Inc. (AVGO) y los ADRs de Taiwan Semiconductor Manufacturing Co. Ltd. (TSM). Los valores se emiten bajo el programa Global Medium-Term Notes, Serie A, y se venden conforme a un suplemento del prospecto Rule 424(b)(2) fechado el 26 de junio de 2025.
T茅rminos comerciales clave
- 颁耻辫贸苍: fijo de $33.80 por cada nota de $1,000 (13.52% anual), pagadero trimestralmente en ocho fechas programadas desde el 1 de octubre de 2025 hasta el vencimiento.
- Llamado autom谩tico: a partir del 26 de septiembre de 2025, si el precio de cierre de cada activo de referencia est谩 igual o por encima de su Valor Inicial en una Fecha de Valoraci贸n de Llamado, los tenedores reciben el principal de $1,000 m谩s el cup贸n actual y las notas se redimen; no se acumulan pagos adicionales.
- Protecci贸n de barrera: al vencimiento, si no se ha llamado antes y el Valor Final del activo de menor desempe帽o es 鈮� 60% de su Valor Inicial, se reembolsa el principal; de lo contrario, los inversores reciben (a) efectivo que refleja la p茅rdida total o (b) a opci贸n del emisor, la entrega de acciones (y efectivo por fracciones) del peor desempe帽o, exponiendo a los tenedores a una p茅rdida de hasta el 100% del principal.
- Valores iniciales y barreras: AVGO $270.17 (barrera $162.10); TSM $224.01 (barrera $134.41).
- Precio de emisi贸n: $1,000; valor estimado: $981 (1.9% por debajo del precio de emisi贸n).
- Comisiones: 1.75% de comisi贸n de venta ($145,635 en total), generando ingresos netos de $8.176 millones.
- Exposici贸n crediticia: obligaciones senior no garantizadas de Barclays Bank PLC sujetas a poderes de rescate en el Reino Unido; no aseguradas por la FDIC ni garantizadas por terceros.
- Liquidez: sin cotizaci贸n en bolsa; cualquier negociaci贸n secundaria ser谩 bajo esfuerzo razonable por Barclays Capital Inc. y puede suspenderse en cualquier momento.
Aspectos destacados de riesgo
- Exposici贸n total a la baja por debajo de la barrera del 60%; los inversores pueden perder todo el principal.
- No hay participaci贸n en ninguna subida de AVGO o TSM; el rendimiento est谩 limitado a los cupones fijos.
- La opci贸n de liquidaci贸n f铆sica del emisor puede resultar en la entrega de acciones depreciadas en lugar de efectivo.
- El valor estimado est谩 por debajo del precio de compra, reflejando comisiones de distribuci贸n, costos de cobertura y el margen interno de financiamiento de Barclays.
- Sujeto a redenci贸n anticipada tras aproximadamente 3 meses, generando incertidumbre para la reinversi贸n.
- Exposici贸n al riesgo crediticio de Barclays y posible reducci贸n o conversi贸n bajo el r茅gimen de rescate del Reino Unido.
Las notas est谩n dirigidas a inversores que buscan ingresos mejorados y est谩n dispuestos a asumir riesgos de renta variable, cr茅dito del emisor y estructurales a cambio de un cup贸n anual del 13.52% y protecci贸n condicional del principal con un umbral de ca铆da del 40%.
Barclays Bank PLC電� Broadcom Inc. (AVGO) 氤错喌欤检檧 Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) ADR 欷� 斓滌爛 靹标臣毳� 氤挫澊電� 鞛愳偘鞐� 鞐半彊霅� 2027雲� 7鞗� 1鞚� 毵岅赴 鞛愲彊靸來櫂 瓿犾爼炜犿彴 雲疙姼 832毵� 2,000雼煬毳� 鞝滉车頃╇媹雼�. 頃措嫻 歃濌秾鞚� Global Medium-Term Notes, Series A 頂勲攴鸽灗 頃橃棎 氚滍枆霅橂┌, 2025雲� 6鞗� 26鞚检瀽 Rule 424(b)(2) 氤挫订靹る獏靹滌棎 霐半澕 韺愲Г霅╇媹雼�.
欤检殧 靸侅梾 臁瓣贝
- 炜犿彴: 1,000雼煬 雲疙姼雼� 瓿犾爼 33.80雼煬(鞐� 13.52%)搿� 2025雲� 10鞗� 1鞚茧秬韯� 毵岅赴旯岇 齑� 8須� 攵勱赴氤� 歆�旮�.
- 鞛愲彊靸来櫂: 2025雲� 9鞗� 26鞚茧秬韯� 臧� 旮办 鞛愳偘鞚� 膦呹皜臧� 靸來櫂韽夑皜鞚检棎 齑堦赴 臧�旃� 鞚挫儊鞚� 瓴届毎, 氤挫湢鞛愲姅 1,000雼煬 鞗愱笀瓿� 順勳灛 炜犿彴鞚� 氚涥碃 雲疙姼臧� 靸來櫂霅橂┌ 於旉皜 歆�旮夓潃 鞐嗢姷雼堧嫟.
- 鞛ル步 氤错樃: 毵岅赴 鞁� 鞚挫爠鞐� 靸來櫂霅橃 鞎婌晿瓿� 斓滌爛 靹标臣 鞛愳偘鞚� 斓滌 臧�旃橁皜 齑堦赴 臧�旃橃潣 60% 鞚挫儊鞚措┐ 鞗愱笀鞚� 靸來櫂霅╇媹雼�. 攴鸽爣歆� 鞎婌溂氅� 韴瀽鞛愲姅 (a) 鞝� 靻愳嫟鞚� 氚橃榿頃� 順勱笀 霕愲姅 (b) 氚滍枆鞚� 靹犿儩鞐� 霐半澕 斓滌爛 靹标臣 鞛愳偘鞚� 欤检嫕(氚� 靻岇垬 欤检嫕鞐� 雽�頃� 順勱笀)鞚� 氚涥矊 霅橃柎 斓滊寑 100% 鞗愱笀 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�.
- 齑堦赴 臧�旃� 氚� 鞛ル步: AVGO $270.17 (鞛ル步 $162.10); TSM $224.01 (鞛ル步 $134.41).
- 氚滍枆臧赌: $1,000; 於旍爼 臧�旃�: $981 (氚滍枆臧� 雽�牍� 1.9% 雮潓).
- 靾橃垬耄�: 1.75% 韺愲Г 靾橃垬耄�(齑� $145,635)搿� 靾滌垬鞚� $8,176,000.
- 鞁犾毄 雲胳稖: Barclays Bank PLC鞚� 靹犾垳鞙� 氍措嫶氤� 毂勲搿� 鞓侁淡鞚� 氩犾澕鞚� 甓岉暅 雽�靸侅澊氅� FDIC 氤错棙 霕愲姅 鞝�3鞛� 氤挫 鞐嗢潓.
- 鞙犽彊靹�: 瓯半灅靻� 靸侅灔 鞐嗢潓; 2彀� 瓯半灅電� Barclays Capital Inc.臧� 斓滌劆鞚� 雲鸽牓鞙茧 歆勴枆頃橂┌ 鞏胳牅霌犾 欷戨嫧霅� 靾� 鞛堨潓.
鞙勴棙 鞖旍暯
- 60% 鞛ル步 鞚错晿鞐愳劀電� 鞝勲┐鞝侅澑 頃橂澖 鞙勴棙 雲胳稖; 韴瀽鞛愲姅 鞗愱笀 鞝勳暋 靻愳嫟 臧�電レ劚 鞛堨潓.
- AVGO 霕愲姅 TSM鞚� 靸侅姽 彀胳棳 鞐嗢潓; 靾橃澋鞚� 瓿犾爼 炜犿彴鞙茧 鞝滍暅霅�.
- 氚滍枆鞚胳潣 鞁る 瓴办牅 靹犿儩 鞁� 臧愱皜霅� 欤检嫕鞚� 順勱笀 雽�鞁� 鞚鸽弰霅� 靾� 鞛堨潓.
- 於旍爼 臧�旃橂姅 攵勲鞍 靾橃垬耄�, 項れ 牍勳毄 氚� Barclays 雮措秬 鞛愱笀 臁半嫭 鞀ろ攧霠堧摐毳� 氚橃榿頃橃棳 毵れ瀰臧�氤措嫟 雮潓.
- 鞎� 3臧滌洈 頉� 臁瓣赴 靸來櫂 臧�電レ劚鞙茧 鞛埇鞛� 攵堩檿鞁れ劚 臁挫灛.
- Barclays 鞁犾毄 鞙勴棙 氚� 鞓侁淡 氩犾澕鞚� 鞝滊弰鞐� 霐半ジ 鞛犾灛鞝� 臧愳暋 霕愲姅 鞝勴櫂 鞙勴棙 雲胳稖.
鞚� 雲疙姼電� 鞐� 13.52% 炜犿彴瓿� 40% 靻愳嫟 頃滊弰 臁瓣贝攵� 鞗愱笀 氤错樃毳� 雽�臧�搿� 欤检嫕, 氚滍枆鞚� 鞁犾毄 氚� 甑“鞝� 鞙勴棙鞚� 臧愳垬頃� 鞚橅枼鞚� 鞛堧姅 韴瀽鞛愲ゼ 雽�靸侅溂搿� 頃╇媹雼�.
Barclays Bank PLC propose 8,322 millions de dollars de Notes 脿 coupon fixe autocallables arrivant 脿 茅ch茅ance le 1er juillet 2027 li茅es 脿 la moins bonne performance entre les actions ordinaires de Broadcom Inc. (AVGO) et les ADRs de Taiwan Semiconductor Manufacturing Co. Ltd. (TSM). Les titres sont 茅mis dans le cadre du programme Global Medium-Term Notes, s茅rie A, et vendus conform茅ment 脿 un suppl茅ment de prospectus Rule 424(b)(2) dat茅 du 26 juin 2025.
Principaux termes commerciaux
- Coupon : fixe de 33,80 $ par note de 1 000 $ (13,52 % p.a.), payable trimestriellement lors de huit dates programm茅es du 1er octobre 2025 jusqu鈥櫭� l鈥櫭ヽh茅ance.
- Rappel automatique : 脿 partir du 26 septembre 2025, si le cours de cl么ture de chaque actif de r茅f茅rence est 茅gal ou sup茅rieur 脿 sa valeur initiale 脿 une date d鈥櫭﹙aluation de rappel, les d茅tenteurs re莽oivent le principal de 1 000 $ plus le coupon en cours, et les notes sont rembours茅es ; aucun paiement suppl茅mentaire n鈥檈st d没.
- Protection barri猫re : 脿 l鈥櫭ヽh茅ance, si les notes n鈥檕nt pas 茅t茅 rappel茅es auparavant et que la valeur finale de l鈥檃ctif le moins performant est 鈮� 60 % de sa valeur initiale, le principal est rembours茅 ; sinon, les investisseurs re莽oivent (a) un paiement en esp猫ces refl茅tant la perte totale ou (b) au choix de l鈥櫭﹎etteur, une livraison d鈥檃ctions (et esp猫ces pour les fractions) de la moins bonne performance, exposant les d茅tenteurs 脿 une perte pouvant atteindre 100 % du principal.
- Valeurs initiales et barri猫res : AVGO 270,17 $ (barri猫re 162,10 $) ; TSM 224,01 $ (barri猫re 134,41 $).
- Prix d鈥櫭﹎ission : 1 000 $ ; valeur estim茅e : 981 $ (1,9 % en dessous du prix d鈥櫭﹎ission).
- Frais : commission de vente de 1,75 % (145 635 $ au total), g茅n茅rant un produit net de 8,176 millions de dollars.
- Exposition au cr茅dit : obligations senior non garanties de Barclays Bank PLC soumises aux pouvoirs de renflouement interne au Royaume-Uni ; non assur茅es par la FDIC ni garanties par des tiers.
- Liquidit茅 : pas de cotation en bourse ; toute n茅gociation secondaire se fera sur une base best-efforts par Barclays Capital Inc. et pourra 锚tre interrompue 脿 tout moment.
Points cl茅s de risque
- Exposition totale 脿 la baisse sous la barri猫re de 60 % ; les investisseurs peuvent perdre la totalit茅 du principal.
- Aucune participation 脿 la hausse d鈥橝VGO ou TSM ; rendement plafonn茅 aux coupons fixes.
- L鈥檕ption de r猫glement physique de l鈥櫭﹎etteur peut entra卯ner la livraison d鈥檃ctions d茅pr茅ci茅es au lieu d鈥檈sp猫ces.
- La valeur estim茅e est inf茅rieure au prix d鈥檃chat, refl茅tant les frais de distribution, les co没ts de couverture et la marge de financement interne de Barclays.
- Sujet 脿 un remboursement anticip茅 apr猫s environ 3 mois, cr茅ant une incertitude de r茅investissement.
- Exposition au risque de cr茅dit de Barclays et 脿 une 茅ventuelle d茅pr茅ciation ou conversion dans le cadre du r茅gime de renflouement interne du Royaume-Uni.
Ces notes s鈥檃dressent aux investisseurs recherchant un revenu am茅lior茅 et pr锚ts 脿 assumer des risques li茅s aux actions, au cr茅dit de l鈥櫭﹎etteur et 脿 la structure, en 茅change d鈥檜n coupon annuel de 13,52 % et d鈥檜ne protection conditionnelle du principal avec un seuil de baisse de 40 %.
Barclays Bank PLC bietet 8,322 Millionen US-Dollar an Autocallable Fixed Coupon Notes mit F盲lligkeit am 1. Juli 2027 an, die an die schlechteste Entwicklung der Stammaktien von Broadcom Inc. (AVGO) und der Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) ADRs gekoppelt sind. Die Wertpapiere werden im Rahmen des Global Medium-Term Notes, Serie A Programms ausgegeben und gem盲脽 einem Rule 424(b)(2) Prospekterg盲nzung vom 26. Juni 2025 verkauft.
Wesentliche kommerzielle Bedingungen
- Kupon: fester Betrag von 33,80 USD pro 1.000 USD Note (13,52 % p.a.), zahlbar viertelj盲hrlich an acht geplanten Terminen von 1. Oktober 2025 bis zur F盲lligkeit.
- Automatischer R眉ckruf: ab dem 26. September 2025, wenn der Schlusskurs jedes Referenzwerts an einem R眉ckrufbewertungstag auf oder 眉ber seinem Anfangswert liegt, erhalten die Inhaber den Nennwert von 1.000 USD zuz眉glich des aktuellen Kupons, und die Notes werden zur眉ckgezahlt; weitere Zahlungen entfallen.
- Barriere-Schutz: bei F盲lligkeit, sofern nicht zuvor zur眉ckgerufen, und der Endwert des schlechtesten Verm枚genswerts 鈮� 60 % seines Anfangswerts ist, wird der Nennwert zur眉ckgezahlt; andernfalls erhalten die Anleger (a) eine Barauszahlung entsprechend der vollst盲ndigen negativen Rendite oder (b) nach Wahl des Emittenten eine Lieferung von Aktien (und Bargeld f眉r Bruchteile) des schlechtesten Performers, wodurch die Inhaber einem Risiko eines Totalverlusts ausgesetzt sind.
- Anfangswerte & Barrieren: AVGO 270,17 USD (Barriere 162,10 USD); TSM 224,01 USD (Barriere 134,41 USD).
- Ausgabepreis: 1.000 USD; gesch盲tzter Wert: 981 USD (1,9 % unter dem Ausgabepreis).
- 骋别产眉丑谤别苍: 1,75 % Verkaufskommission (insgesamt 145.635 USD), was Nettoerl枚se von 8,176 Millionen USD ergibt.
- Kreditrisiko: unbesicherte Senior-Verbindlichkeiten von Barclays Bank PLC, unterliegen den Bail-in-Befugnissen des Vereinigten K枚nigreichs; nicht FDIC-versichert oder von Dritten garantiert.
- 尝颈辩耻颈诲颈迟盲迟: keine B枚rsennotierung; jeglicher Sekund盲rhandel erfolgt auf Best-Effort-Basis durch Barclays Capital Inc. und kann jederzeit eingestellt werden.
Risikohighlights
- Volle Abw盲rtsrisiken unterhalb der 60%-Barriere; Anleger k枚nnen das gesamte Kapital verlieren.
- Keine Partizipation an Kurssteigerungen von AVGO oder TSM; Rendite ist auf die festen Kupons begrenzt.
- Die physische Abwicklung durch den Emittenten kann zur Lieferung von entwerteten Aktien anstelle von Bargeld f眉hren.
- Der gesch盲tzte Wert liegt unter dem Kaufpreis, was Vertriebsgeb眉hren, Absicherungskosten und Barclays interne Finanzierungsspanne widerspiegelt.
- Fr眉hzeitige R眉ckzahlung nach etwa 3 Monaten m枚glich, was Unsicherheit bei der Wiederanlage schafft.
- Exponierung gegen眉ber Barclays Kreditrisiko und m枚glicher Abschreibung oder Umwandlung im Rahmen des Bail-in-Regimes des Vereinigten K枚nigreichs.
Die Notes richten sich an Anleger, die ein erh枚htes Einkommen suchen und bereit sind, Aktien-, Emittenten-Kredit- und Strukturierungsrisiken im Austausch f眉r einen j盲hrlichen Kupon von 13,52 % und eine bedingte Kapitalschutzschwelle bei 40 % Drawdown zu 眉bernehmen.
Free Writing Prospectus pursuant to Rule 433 dated June 27, 2025
Registration Statement No. 333-284538
|
Buffered Index-Linked Notes |
|
OVERVIEW |
This document relates to two separate offerings. Each note is linked to the performance of one underlier (either the EURO STOXX 50® Index or the S&P 500® Futures Excess Return Index). Each note has its own terms (set forth in the table below), which will be set on the trade date.
The notes do not bear interest. The amount that you will be paid on your notes on the applicable stated maturity date is based on the performance of the applicable underlier as measured from the trade date to and including the applicable determination date.
If the final underlier level of the applicable underlier (the closing level of such underlier on the determination date) is greater than its initial underlier level (set on the trade date and will be an intra-day level or the closing level of such index on the trade date), the return on your notes will be positive and will equal the applicable participation rate times the underlier return of the applicable underlier (the quotient of (i) the final underlier level minus the initial underlier level divided by (ii) the initial underlier level, expressed as a percentage).
If the final underlier level of the applicable underlier is equal to or less than its initial underlier level but greater than or equal to its applicable buffer level, you will receive the face amount of your notes. If the final underlier level of the applicable underlier is less than its applicable buffer level, the return on your notes will be negative and will equal the underlier return of the applicable underlier plus the applicable buffer amount (a fixed percentage that is the result of 100% minus the applicable buffer level). You could lose a significant portion of the face amount of your notes.
At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to:
You should read the accompanying preliminary pricing supplement dated June 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
The notes are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The key terms specific to each tranche of notes are set forth on the following page(s). Please carefully review the key terms relating to the particular tranche(s) of notes that you are purchasing. Each tranche of notes has its own underlier and terms.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in any notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the applicable underlier, the terms of the notes and certain risks.
Key Terms For Notes Linked to the EURO STOXX 50® Index |
CUSIP / ISIN: |
40058JKB0 / US40058JKB07 |
Underlier: |
the EURO STOXX 50® Index (current Bloomberg symbol: “SX5E Index”) |
Participation rate: |
at least 149% |
Buffer level: |
75% of the initial underlier level |
Buffer amount: |
25% |
Trade date: |
expected to be July 28, 2025 |
Settlement date: |
expected to be July 31, 2025 |
Determination date: |
expected to be July 29, 2030 |
Stated maturity date: |
expected to be August 1, 2030 |
Estimated value range: |
$885 to $925 (which is less than the original issue price; see accompanying preliminary pricing supplement) |
|
Hypothetical Final Underlier Level |
Hypothetical Payment Amount at Maturity** |
200.000% |
249.000% |
|
175.000% |
211.750% |
|
150.000% |
174.500% |
|
125.000% |
137.250% |
|
110.000% |
114.900% |
|
100.000% |
100.000% |
|
90.000% |
100.000% |
|
80.000% |
100.000% |
|
75.000% |
100.000% |
|
55.000% |
80.000% |
|
50.000% |
75.000% |
|
25.000% |
50.000% |
|
0.000% |
25.000% |
|
|
|
** assumes a participation rate of 149%
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in any notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the applicable underlier, the terms of the notes and certain risks.
Key Terms For Notes Linked to the S&P 500® Futures Excess Return Index |
|
CUSIP / ISIN: |
40058JKC8 / US40058JKC89 |
Underlier: |
the S&P 500® Futures Excess Return Index (current Bloomberg symbol: “SPXFP Index”) The S&P 500® Futures Excess Return Index tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500® Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract. |
Participation rate: |
at least 152% |
Buffer level: |
80% of the initial underlier level |
Buffer amount: |
20% |
Trade date: |
expected to be July 28, 2025 |
Settlement date: |
expected to be July 31, 2025 |
Determination date: |
expected to be July 29, 2030 |
Stated maturity date: |
expected to be August 1, 2030 |
Estimated value range: |
$885 to $925 (which is less than the original issue price; see accompanying preliminary pricing supplement) |
|
Hypothetical Final Underlier Level |
Hypothetical Payment Amount at Maturity*** |
200.000% |
252.000% |
|
175.000% |
214.000% |
|
150.000% |
176.000% |
|
125.000% |
138.000% |
|
110.000% |
115.200% |
|
100.000% |
100.000% |
|
95.000% |
100.000% |
|
90.000% |
100.000% |
|
80.000% |
100.000% |
|
70.000% |
90.000% |
|
50.000% |
70.000% |
|
25.000% |
45.000% |
|
0.000% |
20.000% |
|
|
|
*** assumes a participation rate of 152%
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in any notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the applicable underlier, the terms of the notes and certain risks.
About Your Notes |
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 45, June 2025 S&P 500® Futures Excess Return Index Supplement, general terms supplement no. 17,741 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offerings to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 45, June 2025 S&P 500® Futures Excess Return Index Supplement, general terms supplement no. 17,741 and preliminary pricing supplement, and any other documents relating to these offerings that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and these offerings. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 45, June 2025 S&P 500® Futures Excess Return Index Supplement, general terms supplement no. 17,741 and preliminary pricing supplement if you so request by calling (212) 357-4612.
The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:
This document relates to two separate offerings of notes. Each note is linked to one, and only one, underlier. You may participate in any of the two offerings or, at your election, in both of the offerings. This document does not, however, allow you to purchase a note linked to a basket of some or all of the underliers.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in any notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the applicable underlier, the terms of the notes and certain risks.
RISK FACTORS |
An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,741, accompanying underlier supplement no. 45, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Additional Risk Factors Specific to Your Notes” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,741 and “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 45, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Relating to Each Note Risks Related to Structure, Valuation and Secondary Market Sales § The Estimated Value of Your Notes At the Time the Terms of Your Notes Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Notes § The Notes Are Subject to the Credit Risk of the Issuer and the Guarantor § The Amount Payable on Your Notes Is Not Linked to the Level of the Underlier at Any Time Other Than the Determination Date § You May Lose a Substantial Portion of Your Investment in the Notes § Your Notes Do Not Bear Interest § The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors § You Have No Shareholder Rights or Rights to Receive Any Underlier Stock § If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of the Notes Will Be Negatively Affected § We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price Risks Related to Tax § The Tax Consequences of an Investment in Your Notes Are Uncertain § Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Notes, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Notes to Provide Information to Tax Authorities Additional Risks Relating to Notes Linked to the EURO STOXX 50® Index § An Investment in the Offered Notes Is Subject to Risks Associated with Foreign Securities |
|
§ Government Regulatory Action, Including Legislative Acts and Executive Orders, Could Result in Material Changes to the Composition of an Underlier with Underlier Stocks from One or More Foreign Securities Markets and Could Negatively Affect Your Investment in the Notes Additional Risks Related to the S&P 500® Futures Excess Return Index § Linking to an Equity Futures Contract Is Different From Linking to the Reference Equity Index § Negative Roll Yields Will Adversely Affect the Level of the Underlier Over Time and Therefore the Amount Payable on the Notes § Futures Contracts Are Not Assets with Intrinsic Value § You Have No Rights in Any Futures Contract Tracked by the Underlier § Owning the Notes Is Not the Same as Directly Owning the Underlier Stocks or Futures Contract Directly or Indirectly Tracked by the Underlier § Suspension or Disruptions of Market Trading in Stocks or Futures Contracts May Adversely Affect the Value of the Notes.
|
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in any notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the applicable underlier, the terms of the notes and certain risks.
|
|
|
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,741:
Risks Related to Structure, Valuation and Secondary Market Sales § If the Value of an Underlier Changes, the Market Value of Your Notes May Not Change in the Same Manner § The Return on Your Notes Will Not Reflect Any Dividends Paid on Any Underlier, or Any Underlier Stock, as Applicable § Past Performance is No Guide to Future Performance § Your Notes May Not Have an Active Trading Market § The Calculation Agent Will Have the Authority to Make Determinations That Could Affect the Market Value of Your Notes, When Your Notes Mature and the Amount, If Any, Payable on Your Notes § The Calculation Agent Can Postpone the Determination Date, Averaging Date, Call Observation Date or Coupon Observation Date If a Market Disruption Event or Non-Trading Day Occurs or Is Continuing Risks Related to Conflicts of Interest § Other Investors in the Notes May Not Have the Same Interests as You § Hedging Activities by Goldman Sachs or Our Distributors May Negatively Impact Investors in the Notes and Cause Our Interests and Those of Our Clients and Counterparties to be Contrary to Those of Investors in the Notes
|
|
§ Goldman Sachs’ Trading and Investment Activities for its Own Account or for its Clients Could Negatively Impact Investors in the Notes § Goldman Sachs’ Market-Making Activities Could Negatively Impact Investors in the Notes § You Should Expect That Goldman Sachs Personnel Will Take Research Positions, or Otherwise Make Recommendations, Provide Investment Advice or Market Color or Encourage Trading Strategies That Might Negatively Impact Investors in the Notes § Goldman Sachs Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Sponsors of the Underlier or Underliers or Constituent Indices, As Applicable, the Investment Advisors of the Underlier or Underliers, As Applicable, or the Issuers of the Underlier or the Underlier Stocks or Other Entities That Are Involved in the Transaction § The Offering of the Notes May Reduce an Existing Exposure of Goldman Sachs or Facilitate a Transaction or Position That Serves the Objectives of Goldman Sachs or Other Parties Risks Related to Tax § Certain Considerations for Insurance Companies and Employee Benefit Plans |
The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 45:
Additional Risks Relating to Securities Linked to Underliers that are Equity Indices § If Your Securities Are Linked to an Equity Index, the Policies of the Applicable Underlier Sponsor and Changes that Affect Such Underlier, or the Constituent Indices or Underlier Stocks Comprising Such Underlier, Could Affect the Amount Payable on Your Securities and Their Market Value § If Your Securities Are Linked to an Equity Index, Except to the Extent The Goldman Sachs Group, Inc. Is One of the Companies Whose Common Stock Comprises the Applicable Underlier, and Except to the Extent That We or Our Affiliates May Currently or in the Future Own |
|
Securities of, or Engage in Business With, the Applicable Underlier Sponsor or the Issuers of the Underlier Stocks, There Is No Affiliation Between the Issuers of the Underlier Stocks or Such Underlier Sponsor and Us Additional Risks Relating to Securities Linked to Underliers Denominated in Foreign Currencies or that Contain Foreign Stocks § If Your Securities Are Linked to Underliers That Are Comprised of Underlier Stocks Which Are Traded in Foreign Currencies But Are Not Adjusted to Reflect Their U.S. Dollar Value, the Return on Your Securities Will Not Be Adjusted for Changes in the Foreign Currency Exchange Rate |
The following risk factors are discussed in greater detail in the accompanying prospectus supplement:
§ The Return on Indexed Notes May Be Below the Return on Similar Securities § The Issuer of a Security or Currency That Serves as an Index Could Take Actions That May Adversely Affect an Indexed Note § An Indexed Note May Be Linked to a Volatile Index, Which May Adversely Affect Your Investment |
|
§ An Index to Which a Note Is Linked Could Be Changed or Become Unavailable § We May Engage in Hedging Activities that Could Adversely Affect an Indexed Note § Information About an Index or Indices May Not Be Indicative of Future Performance § We May Have Conflicts of Interest Regarding an Indexed Note |
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in any notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the applicable underlier, the terms of the notes and certain risks.
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements § The application of regulatory resolution strategies could increase the risk of loss for holders of our securities in the event of the resolution of Group Inc. |
|
§ The application of Group Inc.’s proposed resolution strategy could result in greater losses for Group Inc.’s security holders. |
For details about the license agreement between the applicable underlier sponsor and the issuer, see “The Underliers ─ EURO STOXX 50® Index” and “The Underliers — S&P 500® Futures Excess Return Index” on pages S-36 and S-121 of the accompanying underlier supplement no. 45, respectively.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in any notes without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the applicable underlier, the terms of the notes and certain risks.
Source:
FAQ
What coupon rate do the Barclays Autocallable Fixed Coupon Notes pay?
When can the notes be automatically called by Barclays?
What happens at maturity if the worst-performing stock falls below its barrier?
How does the estimated value compare to the issue price?
Are the notes protected by deposit insurance or any third-party guarantee?
Can I sell the notes before maturity?
