New Issue: GS Finance sells $2 million buffered notes on iShares MSCI EM

By Marisa Wong

Morgantown, W.Va., Aug. 17 – GS Finance Corp. priced $2 million of 0% buffered ETF-linked notes due Aug. 19, 2021 tied to the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Goldman Sachs Group, Inc. is the guarantor.

If the ETF return is positive, the payout at maturity will be par plus the ETF return, subject to a maximum payment of $1,410 per $1,000 principal amount. Investors will receive par if the ETF falls by up to 25% and lose 1% for every 1% decline in the ETF beyond 25%.

Goldman, Sachs & Co. is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Buffered ETF-linked notes
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$2 million
Maturity:	Aug. 19, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF return is positive, par plus ETF return, subject to maximum payment of $1,410 per $1,000 principal amount; par if ETF falls by up to 25%; 1% loss for every 1% decline in ETF beyond 25%
Initial price:	$41.51
Pricing date:	Aug. 15
Settlement date:	Aug. 20
Underwriter:	Goldman, Sachs & Co.
Fees:	1.175%
Cusip:	40055QT93

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