New York, July 17 – GS Finance Corp. priced $15.49 million of 0% autocallable buffered notes due Jan. 24, 2020 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will be called if the fund closes at or above its 93% of initial price on any of three semiannual call observation dates, which after one year on July 18, 2018. The payout will be par plus a premium of 7.7% per year.
If the notes are not called and the fund finishes at or above 93% of its initial price, the payout at maturity will be par plus the maximum settlement amount of $1,192.50 per $1,000 principal amount of notes.
Investors will receive par if the fund declines by up to 20% and will lose 1.25% for each 1% decline beyond the 20% buffer.
Goldman Sachs & Co. is the underwriter.
| Issuer: | GS Finance Corp.
|
| Guarantor: | Goldman Sachs Group, Inc.
|
| Issue: | Autocallable buffered notes
|
| Underlying fund: | iShares MSCI Emerging Markets ETF
|
| Amount: | $15,485,000
|
| Maturity: | Jan. 24, 2020
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If fund finishes at or above 93% of its initial price, par plus 19.25%; par if fund falls by up to 20%; 1.25% loss for every 1% that fund declines beyond 20%
|
| Call: | Automatically if fund closes at or above 93% of its the initial price on any semiannual observation dates, beginning July 18, 2018; payout of par plus annual rate of 7.7%
|
| Initial level: | $42.67
|
| Pricing date: | July 12
|
| Settlement date: | July 19
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 0.175%
|
| Cusip: | 40054LKZ6
|
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