New Issue: GS Finance sells $1.85 million ETF-linked notes tied to two gold funds

By Sarah Lizee

Olympia, Wash., June 10 – GS Finance Corp. priced $1.85 million of 0% ETF-linked notes due June 8, 2022 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and the SPDR Gold Trust, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are guaranteed by Goldman Sachs Group, Inc.

If the final values of both funds are greater than their initial values, the payout at maturity will be par plus 1.35 times the return of the lesser performing fund, capped at $1,750 per $1,000 of notes.

If either fund finishes below its initial value but above 85% of its initial level, the payout will be par.

Otherwise, investors will be exposed to the losses of the lesser performing fund beyond 15%.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	ETF-linked notes
Underlying funds:	VanEck Vectors Gold Miners ETF and the SPDR Gold Trust
Amount:	$1,845,000
Maturity:	June 8, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If both funds finish above initial values, par plus 1.35 times return of lesser performing fund, capped at $1,750 per $1,000 of notes; if lesser performing fund falls but finishes above 85%, par; otherwise, exposure to losses of worse performer beyond 15%
Initial levels:	$32.83 for VanEck, $159.60 for SPDR
Buffer levels:	85% of initial levels
Pricing date:	June 3
Settlement date:	June 8
Underwriter:	Goldman Sachs & Co. LLC
Fees:	0.425%
Cusip:	40057C7C9

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