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Goldman Sachs plans trigger phoenix autocallables linked to two funds
By Susanna Moon
Chicago, Aug. 20 – Goldman Sachs Group, Inc. plans to price trigger phoenix autocallable optimization securities due Aug. 30, 2024 linked to the least performing of the iShares MSCI Emerging Markets exchange-traded fund and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of % if each fund closes at or above its coupon barrier, 70% of its initial level, on an observation date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if each fund closes at or above its initial level on any quarterly observation date beginning Aug. 19, 2015.
If the notes are not called and each fund finishes at or above its 70% coupon barrier level, the payout at maturity will be par plus the contingent coupon.
If either fund finishes below the coupon barrier but at or above the 50% trigger level, the payout will be par.
Otherwise, investors will be fully exposed to any losses of the worst performing fund.
The maximum return will be between 7% and 7.5% per year.
Goldman Sachs & Co. is the underwriter.
The notes will price on Aug. 27 and settle on Aug. 29.
The Cusip number is 38148F232.
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