New Issue: GS Finance sells $40,000 leveraged buffered notes on iShares MSCI EM

By Marisa Wong

Morgantown, W.Va., May 8 – GS Finance Corp. priced $40,000 of 0% leveraged buffered ETF-linked notes due May 7, 2020 tied 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.

If the ETF return is positive, the payout at maturity will be par plus 150% of the ETF return, subject to a maximum settlement amount of $1,280 per $1,000 principal amount. Investors will receive par if the ETF falls by up to 10% and lose 1% for every 1% decline in the ETF beyond 10%.

Goldman, Sachs & Co. is the underwriter.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Leveraged buffered ETF-linked notes
Underlying ETF:	iShares MSCI Emerging Markets ETF
Amount:	$40,000
Maturity:	May 7, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF return is positive, par plus 150% of ETF return, subject to a maximum settlement amount of $1,280 per $1,000 principal amount; par if ETF falls by up to 10%; 1% loss for every 1% decline in ETF beyond 10%
Initial value:	$46.32
Pricing date:	May 2
Settlement date:	May 7
Underwriter:	Goldman, Sachs & Co.
Fees:	0.725%
Cusip:	40055AVZ7

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