Goldman plans step-down trigger autocallable notes on S&P, MSCI EM

By Sarah Lizee

Olympia, Wash., April 23 – GS Finance Corp. plans to price 0% step-down trigger autocallable notes due May 1, 2024 linked to the lesser performing of the S&P 500 index and the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annual call premium of between 8% and 9% if each index closes at or above its initial level on any quarterly observation date after one year.

If the notes are not called, the payout at maturity will be par plus $14.00 to $14.50 for each $10 of notes, unless either index finishes below 70% of its initial level, in which case investors will be fully exposed to the decline of the lesser performing index from its initial level.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC is the underwriter.

The notes will price on April 26.

The Cusip number is 36257D550.

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