Obbligazione GOLDMAN SACHS GLOBAL 0% ( SE0009664956 ) in SEK

GOLDMAN SACHS GLOBAL

100 SEK ⇌

Regno Unito

SE0009664956 ( in SEK )

0%

12/05/2022 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Goldman Sachs International SE0009664956 in SEK 0%, scaduta

10 000 SEK

100 000 000 SEK

Goldman Sachs International è una banca d'investimento globale con sede a Londra, sussidiaria di Goldman Sachs Group, Inc., che fornisce servizi di investimento bancario, gestione patrimoniale e trading a clienti istituzionali e privati.

Il presente articolo analizza un'obbligazione specifica, identificata dal codice ISIN SE0009664956, che ha raggiunto la sua scadenza e completato il processo di rimborso. L'emittente di questo strumento di debito era Goldman Sachs International, una filiale del rinomato gruppo finanziario globale Goldman Sachs, leader mondiale nei servizi di investment banking, securities, asset management e consumer banking, con una forte presenza internazionale e in particolare nel Regno Unito, paese dal quale l'obbligazione è stata emessa. Questa obbligazione, denominata in Corone Svedesi (SEK), presentava un tasso d'interesse nominale pari a zero, suggerendo potesse trattarsi di un'obbligazione zero-coupon o di una struttura finanziaria analoga, con un'unica frequenza di pagamento presumibilmente correlata al rimborso del capitale. L'ammontare totale dell'emissione era di 100.000.000 SEK, con una dimensione minima di acquisto fissata a 10.000 SEK. La maturità dello strumento era fissata al 12 maggio 2022; in tale data, l'obbligazione è giunta a scadenza e, come indicato da un prezzo di mercato del 100%, è stata integralmente rimborsata ai suoi detentori.

GOLDMAN SACHS INTERNATIONAL
(Incorporated with unlimited liability in England)
Series K Programme for the issuance of Warrants, Notes and Certificates
______________________________________________________________
Issue of up to SEK 100,000,000 Five-Year Phoenix Worst of Autocallable Certificates
linked to a Share Basket, due May 12, 2022
(the "Securities" or the "Certificates")
(ISIN: SE0009664956)
______________________________________________________________
Prospectus
This document constitutes a prospectus (this "Prospectus") for the purposes of Article 5.3 of Directive
2003/71/EC as amended, including by Directive 2010/73/EU (the "Prospectus Directive") relating to the
above-referenced Securities issued by Goldman Sachs International (the "Issuer" or "GSI"). This Prospectus
should be read together with any documents incorporated by reference within it.
Programme
The Securities are being issued under the Series K Programme for the issuance of Warrants, Notes and
Certificates (the "Programme") of the Issuer.
Status of the Securities
The Securities are unsecured and unsubordinated general obligations of the Issuer and not of any affiliate of the
Issuer. The Securities are not bank deposits and are not insured or guaranteed by the UK Financial Services
Compensation Scheme or any other government or governmental or private agency or deposit protection scheme
in any jurisdiction. The payment obligations of the Issuer in respect of the Securities are not guaranteed by any
entity.
Information incorporated by reference
This Prospectus incorporates by reference certain information from: the base prospectus in relation to the
Programme dated November 16, 2016 (the "Original Base Prospectus") and the supplement(s) thereto (and the
Original Base Prospectus as supplemented, the "Base Prospectus"). See the section entitled "Documents
Incorporated by Reference" below. You should read this Prospectus together with such information from the
Base Prospectus.
Statements in relation to prospects and financial or trading position
In this Prospectus, where GSI makes statements that "there has been no material adverse change in the
prospects" and "no significant change in the financial or trading position" of GSI, references in these statements
to the "prospects" and "financial or trading position" of GSI are specifically to the Issuer's ability to meet its full
payment obligations under the Securities in a timely manner. Such statements are made, for example, in Element
B.12 of the "Summary" and in paragraph 3 of the section entitled "General Information" of this Prospectus.
Material information about GSI's financial condition and prospects is included in each of GSI's annual and
interim reports, which are incorporated by reference into this Prospectus.
Risk warning
You could lose some, and up to all, of your investment. Before purchasing Securities, you should consider, in
particular, the section entitled "Risk Factors" below.
The date of this Prospectus is March 16, 2017.
- 1 -

TABLE OF CONTENTS
Page
IMPORTANT NOTICES ........................................................................................................................................ 3
SUMMARY ............................................................................................................................................................ 5
RISK FACTORS ................................................................................................................................................... 18
PERFORMANCE SCENARIOS........................................................................................................................... 31
DOCUMENTS INCORPORATED BY REFERENCE ........................................................................................ 33
CONTRACTUAL TERMS ................................................................................................................................... 36
OTHER INFORMATION ..................................................................................................................................... 48
ANNEX ADDITIONAL PAYOUT TERMS ..................................................................................................... 53
GENERAL INFORMATION................................................................................................................................ 55
INDEX OF DEFINED TERMS ............................................................................................................................ 62
- 2 -

Important Notices
IMPORTANT NOTICES
Approval and passporting under the EU Prospectus Directive
Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"),
which is the Luxembourg competent authority for the purpose of the Prospectus Directive for approval of this
Prospectus, as a prospectus issued in compliance with the Prospectus Directive and relevant implementing
measures in Luxembourg for the purpose of giving information with regard to the Securities. This Prospectus
constitutes a prospectus for the purposes of Article 5.3 of the Prospectus Directive relating to the Securities, and
should be read together with any documents incorporated by reference within it.
The Issuer will apply for the Securities to be (i) admitted to trading on the NASDAQ OMX Stockholm Stock
Exchange and (ii) listed on the Official List and admitted to trading on the Luxembourg Stock Exchange (each a
regulated market for the purposes of Directive 2004/39/EC on Markets in Financial Instruments). This
Prospectus will be published on the websites of the Luxembourg Stock Exchange (www.bourse.lu) and the
Issuer (www.gspip.info). On the approval of this Prospectus as a prospectus for the purpose of Article 5.3 of the
Prospectus Directive by the CSSF, notification of such approval will be made to the Swedish Financial
Supervisory Authority (Sw. Finansinspektionen) in its capacity as the competent authority of the Kingdom of
Sweden.
CSSF disclaimer
Pursuant to Article 7(7) of the Luxembourg Law on Prospectuses for Securities dated July 10, 2005 (as
amended), by approving this Prospectus, the CSSF gives no undertakings as to the economic and financial
characteristics of the Securities or the quality or solvency of the Issuer.
Credit ratings
The credit ratings of GSI1 referred to in this Prospectus have been issued by Fitch, Inc. ("Fitch"), Moody's
Investors Service, Inc. ("Moody's") and Standard & Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. ("S&P"), none of which entities is established in the European Union or registered under
1 The information for this rating has been extracted from information made available by each rating agency referred to
below. The Issuer confirms that such information has been accurately reproduced and that, so far as it is aware, and is able to
ascertain from information published by such ratings agencies, no facts have been omitted which would render the
reproduced information inaccurate or misleading.
As at the date of this Prospectus the ratings for GSI were:
Short-term debt:
Fitch, Inc. rating was F1: An 'F1' rating indicates the highest short-term credit quality and the strongest intrinsic capacity for
timely payment of financial commitments; may have an added '+' to denote any exceptionally strong credit feature.
Moody's rating was P-1: 'P-1' Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term
debt obligations.
S&P rating was A-1: A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's
capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated
with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is
extremely strong.
Long-term debt:
Fitch, Inc. rating was A: An 'A' rating indicates high credit quality and denotes expectations of low default risk. The capacity
for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse
business or economic conditions than is the case for higher ratings.
Moody's rating was A1: Obligations rated 'A' are considered upper-medium grade and are subject to low credit risk. Note:
Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from 'Aa' through 'Caa'. The modifier
1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range
ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.
S&P rating was A+: An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances
and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial
commitment on the obligation is still strong. The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or
minus (-) sign to show relative standing within the major rating categories.
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Important Notices
Regulation (EC) No. 1060/2009, as amended, including by Regulation (EU) No. 513/2011 (the "CRA
Regulation"), and as further amended. In general, European regulated investors are restricted from using a
rating for regulatory purposes if such rating is not either (1) issued or validly endorsed by a credit rating agency
established in the European Union and registered with the European Securities and Markets Authority
("ESMA") under the CRA Regulation or (2) issued by a credit rating agency established outside the European
Union which is certified under the CRA Regulation.
The EU affiliates of Fitch, Moody's and S&P are registered under the CRA Regulation. The ESMA has
approved the endorsement by such EU affiliates of credit ratings issued by Fitch, Moody's and S&P.
Accordingly, credit ratings issued by Fitch, Moody's and S&P may be used for regulatory purposes in the EU.
Credit ratings may be adjusted over time, and there is no assurance that these credit ratings will be effective
after the date of this Prospectus. A credit rating is not a recommendation to buy, sell or hold the Securities.
The list of credit rating agencies registered under the CRA Regulation (as updated from time to time) is
published on the website of the ESMA (www.esma.europa.eu/page/list-registered-and-certified-CRAs).
Important U.S. Notices
The Securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended
(the "Securities Act"), or any state securities laws. Except as provided below, Securities may not be offered,
sold or delivered within the United States or to U.S. persons (as defined in Regulation S under the Securities Act
("Regulation S")). The Securities have not been approved or disapproved by the Securities and Exchange
Commission or any state securities commission in the United States nor has the Securities and Exchange
Commission or any state securities commission passed upon the accuracy or the adequacy of this Prospectus.
Any representation to the contrary is a criminal offence in the United States.
Post-issuance Information
The Issuer does not intend to provide any post-issuance information, except if required by any applicable laws
and regulations, and has not authorised the making or provision of any representation or information regarding
the Issuer or the Securities other than as contained or incorporated by reference in this Prospectus, in any other
document prepared in connection with the Programme or as expressly approved for such purpose by the Issuer.
Any such representation or information should not be relied upon as having been authorised by the Issuer. The
delivery of this Prospectus shall not, in any circumstances, create any implication that there has been no adverse
change in the financial situation of the Issuer since the date hereof or, as the case may be, the date upon which
this Prospectus has been most recently supplemented.
Restrictions and distribution and use of this Prospectus
The distribution of this Prospectus and the offering, sale and delivery of the Securities in certain jurisdictions
may be restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer to
inform themselves about and to observe any such restrictions. This Prospectus may not be used for the purpose
of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to
any person to whom it is unlawful to make such offer or solicitation, and no action has been taken or will be
taken to permit an offering of the Securities or the distribution of this Prospectus in any jurisdiction where any
such action is required.
Prospects and financial or trading position
In the Summary section and elsewhere in this Prospectus, references to the "prospects" and "financial or trading
position" of the Issuer, are specifically to the ability of the Issuer to meet its full payment obligations under the
Securities in a timely manner. In addition, all such statements should be read in conjunction with and are
qualified by the information contained in the documents incorporated by reference in this Prospectus.
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Summary
SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in
Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of securities and
Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence
of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short
description of the Element is included in the summary with the mention of "not applicable".
SECTION A INTRODUCTION AND WARNINGS
A.1
Introduction and This summary should be read as an introduction to this Prospectus. Any
warnings
decision to invest in the Securities should be based on consideration of this
Prospectus as a whole by the investor. Where a claim relating to the
information contained in this Prospectus is brought before a court, the plaintiff
investor might, under the national legislation of the Member States, have to
bear the costs of translating this Prospectus before the legal proceedings are
initiated. Civil liability attaches only to those persons who have tabled the
summary including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the other parts
of this Prospectus or it does not provide, when read together with the other
parts of this Prospectus, key information in order to aid investors when
considering whether to invest in the Securities.
A.2
Consent to use of Subject to the conditions set out below, in connection with a Non-exempt Offer
the Prospectus
(as defined below) of Securities, the Issuer consents to the use of this
Prospectus by Strukturinvest Fondkommission (FK) AB, Stora Badhusgatan
18-20, 411 21 Göteborg, Sweden (the "Authorised Offeror" or
"Distributor").
The consent of the Issuer is subject to the following conditions:
(i)
the consent is only valid during the period from (and including) March
16, 2017 to (and including) April 14, 2017 (the "Offer Period"); and
(ii)
the consent only extends to the use of this Prospectus to make Non-
exempt Offers (as defined below) of the tranche of Securities in the
Kingdom of Sweden.
A "Non-exempt Offer" of Securities is an offer of Securities that is not within
an exemption from the requirement to publish a prospectus under Directive
2003/71/EC, as amended.
Any person (an "Investor") intending to acquire or acquiring any
Securities from an Authorised Offeror will do so, and offers and sales of
Securities to an Investor by an Authorised Offeror will be made, in
accordance with any terms and other arrangements in place between such
Authorised Offeror and such Investor including as to price, allocations
and settlement arrangements. The Issuer will not be a party to any such
arrangements with Investors in connection with the offer or sale of the
Securities and, accordingly, this Prospectus will not contain such
information and an Investor must obtain such information from the
Authorised Offeror. Information in relation to an offer to the public will
be made available at the time such sub-offer is made, and such
information will also be provided by the relevant Authorised Offeror at
the time of such offer.
SECTION B ISSUER
B.1
Legal and
Goldman Sachs International ("GSI" or the "Issuer").
commercial name
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Summary
of the Issuer
B.2
Domicile, legal
GSI is a private unlimited liability company incorporated in England and
form, legislation
Wales. GSI mainly operates under English law. The registered office of GSI is
and country of
Peterborough Court, 133 Fleet Street, London EC4A 2BB, England.
incorporation of
the Issuer
B.4b
Known trends
GSI's prospects will be affected, potentially adversely, by developments in
with respect to
global, regional and national economies, including in the United Kingdom,
the Issuer
movements and activity levels, in financial, commodities, currency and other
markets, interest rate movements, political and military developments
throughout the world, client activity levels and legal and regulatory
developments in the United Kingdom and other countries where GSI does
business.
B.5
The Issuer's
Goldman Sachs Group UK Limited, a company incorporated under English
group
law, has a 100 per cent. shareholding in GSI. Goldman Sachs (UK) L.L.C. is
established under the laws of the State of Delaware and has a 97.208 per cent.
interest in Goldman Sachs Group UK Limited. Goldman Sachs Ireland Group
Limited is established under the laws of Ireland and has a 2.792 per cent.
interest in Goldman Sachs Group UK Limited. Goldman Sachs Ireland LLC is
established under the laws of the State of Delaware and has a 100 per cent.
shareholding in Goldman Sachs Ireland Group Limited. Goldman Sachs Ireland
Group Holdings LLC is established under the laws of the State of Delaware and
has a 75 per cent. interest in Goldman Sachs Ireland LLC. Goldman Sachs
Global Holdings L.L.C. is established under the laws of the State of Delaware
and has a 25 per cent. interest in Goldman Sachs Ireland LLC. The Goldman,
Sachs & Co. L.L.C. is established under the laws of the State of Delaware and
has a one per cent. interest in Goldman Sachs Global Holdings L.L.C. The
Goldman Sachs Group, Inc. is established in Delaware and has a 100 per cent.
shareholding in Goldman Sachs Ireland Group Holdings LLC, The Goldman,
Sachs & Co. L.L.C. and Goldman Sachs (UK) L.L.C. and a 99 per cent. interest
in Goldman Sachs Global Holdings L.L.C.
Holding Company Structure of GSI
Note: The percentages given are for direct holdings of ordinary shares or
equivalent. Minority shareholdings are held by other entities which are
themselves owned, directly or indirectly, by The Goldman Sachs Group, Inc.
B.9
Profit forecast or
Not applicable; GSI has not made any profit forecasts or estimates.
estimate
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Summary
B.10
Audit report
Not applicable; there are no qualifications in the audit report of GSI on its
qualifications
historical financial information.
B.12
Selected historical
The following table shows selected key historical financial information in
key financial
relation to GSI:
information of the
Issuer
As at and for the nine months
As at and for the year ended
ended (unaudited)
(audited)
(in USD millions)
September 30,
September 30,
December 31,
December 31,
2016
2015
2015
2014
Operating Profit
2,033
2,276
2,939
2,275
Profit on ordinary
1,783
2,078
2,661
2,060
activities before
taxation
Profit for the
1,321
1,680
2,308
1,608
financial period
As of (unaudited)
As of (audited)
(in USD millions)
September 30, 2016
December 31,
December 31,
2015
2014
Fixed Assets
90
12
14
Current Assets
1,072,495
850,219
967,411
Total Shareholders'
27,564
26,353
21,997
funds
No material
There has been no material adverse change in the prospects of GSI since
adverse change
December 31, 2015.
Significant
Not applicable; there has been no significant change in the financial or trading
changes
position particular to GSI subsequent to September 30, 2016.
B.13
Recent events
Not applicable; there have been no recent events particular to GSI which are to
material to the
a material extent relevant to the evaluation of GSI's solvency.
evaluation of the
Issuer's solvency
B.14
Issuer's position
Please refer to Element B.5 above.
in its corporate
GSI is part of a group of companies of which The Goldman Sachs Group, Inc.
group
is the holding company (the "Goldman Sachs Group") and transacts with, and
depends on, entities within such group accordingly.
B.15
Principal
The principal activities of GSI consist of securities underwriting and
activities
distribution, trading of corporate debt and equity services, non-U.S. sovereign
debt and mortgage securities, execution of swaps and derivative instruments,
mergers and acquisitions, financial advisory services for restructurings/private
placements/lease and project financings, real estate brokerage and finance,
merchant banking, stock brokerage and research.
B.16
Ownership and
Goldman Sachs Group UK Limited, a company incorporated under English
control of the
law, has a 100 per cent. shareholding in GSI. See also Element B.5.
Issuer
SECTION C SECURITIES
C.1
Type and class of
·
Cash settled Securities comprised of Share Linked Securities, being
Securities
Five-Year Phoenix Worst of Autocallable Certificates linked to a Share
Basket, due May 12, 2022 (the "Securities").
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Summary
·
ISIN: SE0009664956 / Valoren: 35342112.
C.2
Currency
The currency of the Securities will be Swedish Krona ("SEK").
C.5
Restrictions on
The Securities and (if applicable) securities to be delivered upon exercise or
the free
settlement of the Securities may not be offered, sold or delivered within the
transferability
United States or to U.S. persons as defined in Regulation S under the Securities
Act ("Regulation S"), except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act
and applicable state securities law.
Further, the Securities may not be acquired by, on behalf of, or with the assets
of any plans subject to ERISA or Section 4975 of the U.S. Internal Revenue
Code of 1986, as amended, other than certain insurance company general
accounts.
Subject to the above, the Securities will be freely transferable.
C.8
Rights attached to
Rights: The Securities give the right to each holder of Securities (a "Holder")
the securities
to receive a potential return on the Securities (see Element C.18 below),
including ranking
together with certain ancillary rights such as the right to receive notice of
and any limitation
certain determinations and events and to vote on future amendments. The terms
to those rights
and conditions are governed under English law, provided that Swedish law will
apply in respect of the title and registration of the Securities.
Ranking: The Securities are direct, unsubordinated and unsecured obligations
of the Issuer and rank equally with all other direct, unsubordinated and
unsecured obligations of the Issuer.
Limitations to rights:
·
Notwithstanding that the Securities are linked to the performance of the
underlying asset(s), Holders do not have any rights in respect of the
underlying asset(s).
·
The terms and conditions of the Securities contain provisions for calling
meetings of Holders to consider matters affecting their interests
generally and these provisions permit defined majorities to bind all
Holders, including Holders who did not attend and vote at the relevant
meeting and Holders who voted in a manner contrary to the majority.
Further, in certain circumstances, the Issuer may amend the terms and
conditions of the Securities, without the Holders' consent.
·
The terms and conditions of the Securities permit the Issuer and the
Calculation Agent (as the case may be), on the occurrence of certain
events and in certain circumstances, without the Holders' consent, to
make adjustments to the terms and conditions of the Securities, to
redeem the Securities prior to maturity (where applicable), to postpone
valuation of the underlying asset(s) or scheduled payments under the
Securities, to change the currency in which the Securities are
denominated, to substitute the Issuer with another permitted entity
subject to certain conditions, and to take certain other actions with
regard to the Securities and the underlying asset(s) (if any).
C.11
Admission to
Application will be made for the Securities to be admitted to trading on the
trading on a
regulated markets of (i) the NASDAQ OMX Stockholm Stock Exchange and
regulated market
(ii) the Luxembourg Stock Exchange.
C.15
Effect of
The amount payable on the Securities will depend on the performance of the
underlying
underlying assets.
instrument on
If the Securities are not exercised early, then the cash settlement amount
value of
payable on the maturity date will be determined in accordance with Element
investment
C.18 of this Summary.
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Summary
If the Securities are exercised early following an Autocall Event, the Autocall
Event Amount payable on the Autocall Payment Date will be determined in
accordance with Element C.18 of this Summary.
The value of the Securities and whether any Coupon Amount is payable on a
Coupon Payment Date will depend on the performance of the underlying assets
on the Coupon Observation Date corresponding to such Coupon Payment Date.
C.16
Expiration or
The maturity date is May 12, 2022, provided that an Autocall Event does not
maturity date
occur or the Securities are not otherwise exercised early and subject to
adjustment for non-business days or if the Final Reference Date is adjusted in
accordance with the terms and conditions.
C.17
Settlement
Settlement of the Securities shall take place through Euroclear Sweden AB, the
procedure
Swedish Central Securities Depositary.
The Issuer will have discharged its payment obligations by payment to, or to
the order of, the relevant clearing system in respect of the amount so paid.
C.18
Return on the
The return on the Securities will derive from:
Securities
·
the potential payment of a Coupon Amount on a Coupon Payment
Date following the occurrence of a "Coupon Payment Event" (as
described below);
·
the potential payment of an Autocall Event Amount following
redemption of the Securities prior to scheduled maturity due to the
occurrence of an "Autocall Event" (as described below);
·
the potential payment of a Non-scheduled Early Repayment Amount
upon an unscheduled early redemption of the Securities (as described
below); and
·
if the Securities are not previously exercised, or purchased and
cancelled, the payment of the Settlement Amount on the scheduled
maturity date of the Securities.
_______________
Coupon
If a Coupon Payment Event has occurred on a Coupon Observation Date, then
a Coupon Amount in SEK calculated in accordance with the following formula
will be payable on the Coupon Payment Date immediately following such
Coupon Observation Date:
(CA × CV )
If no Coupon Payment Event has occurred on a Coupon Observation Date or
an Autocall Event has occurred on an Autocall Observation Date falling on the
Coupon Observation Date, then no Coupon Amount will be payable on the
Coupon Payment Date immediately following such Coupon Observation Date.
Following the occurrence of an Autocall Event on an Autocall Observation
Date, no further Coupon Amounts will be payable.
Defined terms used above:
·
CA: Calculation Amount, SEK 10,000.
·
Coupon Observation Date: each date set out in the column entitled
"Coupon Observation Date" in the table below, subject to adjustment.
·
Coupon Payment Date: each date set out in the column entitled
"Coupon Payment Date" in the table below, subject to adjustment.
·
Coupon Payment Event: see below.
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Summary
·
CV: Coupon Value, being a percentage as determined by the
Calculation Agent on or around April 28, 2017, based on market
conditions and which will be notified by the Issuer on or around the
issue date, and which as of the date of this Prospectus is indicatively set
at 0.04, but which may be a lesser or greater percentage provided that it
will not be less than 0.03.
Coupon Observation Date
Coupon Payment Date
April 30, 2018
May 16, 2018
April 29, 2019
May 14, 2019
April 28, 2020
May 13, 2020
April 28, 2021
May 12, 2021
April 28, 2022
Maturity Date
Coupon Payment Event
A "Coupon Payment Event" occurs if the Coupon Barrier Reference Value of
each Asset in the basket is greater than or equal to its respective Coupon
Barrier Level on a Coupon Observation Date and no Autocall Event has
occurred on an Autocall Observation Date falling on such Coupon Observation
Date.
Defined terms used above:
·
Asset Initial Price: in respect of each Asset, the Initial Closing Price of
the Asset.
·
Coupon Barrier Level: in respect of each Asset in the basket, 60 per
cent. (60%) of its respective Asset Initial Price.
·
Coupon Barrier Reference Value: in respect of an Asset, the
Reference Price of the Asset on the relevant Coupon Observation Date.
·
Initial Closing Price: the closing share price of the relevant Share for
the Initial Reference Date.
·
Initial Reference Date: April 28, 2017, subject to adjustment.
·
Reference Price: the closing share price of the relevant Share for the
relevant date, subject to adjustment.
_______________
Autocall
If an Autocall Event occurs on an Autocall Observation Date, then the Issuer
shall exercise each Security on such Autocall Observation Date and shall pay
the Autocall Event Amount corresponding to such Autocall Observation Date
on the immediately following Autocall Payment Date.
Defined terms used above:
·
Autocall Event: see below.
·
The Autocall Event Amount for each Autocall Observation Date shall
be determined by the Calculation Agent on or around April 28, 2017,
based on market conditions and shall be notified by the Issuer on or
around such date, and which as of the date of this Prospectus, the
"Autocall Event Amount" for each Autocall Observation Date is as set
forth in the table below in the row corresponding to such Autocall
Observation Date.
·
Autocall Payment Date: each date set out in the column entitled
"Autocall Payment Date" in the table below, subject to adjustment.
·
Autocall Observation Date: each date set out in the column entitled
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