New Issue: GS Finance sells $5.26 million buffered PLUS tied to iShares EM

By Marisa Wong

Morgantown, W.Va., April 20 – GS Finance Corp. priced $5.26 million of 0% buffered Performance Leveraged Upside Securities due Oct. 5, 2020 linked to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If the ETF return is positive, the payout at maturity will be par of $10 plus 200% of the ETF gain, capped at $12.95 per PLUS. Investors will receive par if the ETF declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.

Goldman Sachs & Co. LLC is the underwriter. Morgan Stanley Wealth Management is acting as dealer.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Buffered Performance Leveraged Upside Securities
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$5,256,940
Maturity:	Oct. 5, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If ETF return is positive, par plus 200% of ETF return, capped at 29.5%; par if ETF declines by 10% or less; 1% loss for every 1% that ETF declines beyond 10%
Initial price:	$48.28
Pricing date:	March 29
Settlement date:	April 4
Underwriter:	Goldman Sachs & Co. LLC
Dealer:	Morgan Stanley Wealth Management
Fees:	3.175%
Cusip:	36254G325

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