GS Finance to price notes linked to iShares MSCI EM, Euro Stoxx 50

By Angela McDaniels

Tacoma, Wash., Dec. 16 – GS Finance Corp. plans to price 0% notes due Dec. 27, 2024 linked to the lesser performing of the iShares MSCI Emerging Markets exchange-traded fund and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

For each underlier, the initial level will be the lowest closing level of that underlier on the observation dates, which are expected to be the 23rd of each month beginning on the pricing date and ending on May 11, 2020.

If the final level of each underlier is greater than or equal to its initial level, the payout at maturity will be par plus at least 1.4 times the return of the lesser-performing underlier. The exact leverage factor will be set at pricing.

If the final level of either underlier is less than its initial level but the final level of each underlier is greater than or equal to 75% of its initial level, the payout will be par.

If the final level of either underlier is less than 75% of its initial level, investors will lose 1% for every 1% that the lesser-performing underlier declines beyond 25%.

The notes will be guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC is the underwriter.

The notes are expected to price Dec. 23.

The Cusip number is 40056XTL0.

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