Obbligazione Goldman & Sachs 2.799% ( US38147Q2A32 ) in USD

Goldman & Sachs

86.2 USD ▼

Stati Uniti

US38147Q2A32 ( in USD )

2.799% per anno ( pagato 2 volte l'anno)

13/12/2028

Prospetto opuscolo dell'obbligazione Goldman Sachs US38147Q2A32 en USD 2.799%, scadenza 13/12/2028

1 000 USD

3 000 000 USD

38147Q2A3

BBB+ ( Lower medium grade - Investment-grade )

NR

13/12/2025 ( In 101 giorni )

Goldman Sachs è una banca d'investimento multinazionale americana che offre servizi di investimento bancario, gestione patrimoniale e trading a clienti istituzionali e privati.

Un'analisi dettagliata rivela un'obbligazione con codice ISIN US38147Q2A32 e CUSIP 38147Q2A3, emessa negli Stati Uniti da Goldman Sachs, una delle più prestigiose banche d'investimento e società di servizi finanziari a livello globale, con un'offerta diversificata che spazia dal trading ai servizi bancari e di gestione patrimoniale; questa specifica emissione, denominata in Dollari Americani (USD) e con una dimensione complessiva di 3.000.000 USD, offre un tasso d'interesse annuale del 2,799% e raggiunge la sua scadenza il 13 dicembre 2028, prevedendo pagamenti semestrali di interessi, ed è attualmente scambiata sul mercato al 86,2% del suo valore nominale, con un lotto minimo di acquisto fissato a 1.000 USD, vantando inoltre un rating "BBB+" da parte dell'agenzia Standard & Poor's, mentre Moody's non ha fornito una valutazione (NR).

Prospectus Supplement No. 2554 dated December 10, 2013
http://www.sec.gov/Archives/edgar/data/886982/000119312513471923/...
424B2 1 d642298d424b2.htm PROSPECTUS SUPPLEMENT NO. 2554 DATED DECEMBER 10, 2013
Table of Contents
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-176914

$3,000,000
Cal able Quarterly CMS Spread-Linked Notes due 2028

The notes wil mature on the stated maturity date (December 13, 2028).
We may redeem your notes at 100% of their face amount plus any accrued and unpaid interest on any quarterly
interest payment date on or after June 13, 2014.
On the stated maturity date, we wil pay you an amount in cash equal to the face amount of your notes plus accrued
and unpaid interest, if any. The notes wil pay interest quarterly, beginning March 13, 2014. For each of the first four
interest periods, interest wil be paid at a rate of 10.00% per annum. For each interest period thereafter, the amount of
interest you wil be paid each quarter wil be based on the product of 4.65 times the CMS spread (the difference
between the 30-year CMS rate minus the 5-year CMS rate on the relevant interest determination date, which wil be the
second U.S. Government securities business day preceding the respective interest period), subject to the maximum
interest rate of 10.00% per annum.
For each quarterly interest period after the fourth interest period, the interest rate per annum for such interest period
will equal:

·
if (i) the CMS spread times (i ) 4.65 is greater than or equal to 10.00%, the maximum interest rate of

10.00%;

·
if (i) the CMS spread times (i ) 4.65 is less than 10.00% but greater than 0%, (i) the CMS spread times

(i ) 4.65; or

·
if the CMS spread is equal to or less than 0%, 0%.
After the first four interest periods, if on any interest determination date the 30-year CMS rate does not
exceed the 5-year CMS rate, you will receive no interest on your notes for such interest period, even if the CMS
spread on subsequent days is greater than 0%. Furthermore, after the first four interest periods, the interest
rate per annum will be subject to a maximum interest rate of 10.00%.
Your investment in the notes involves certain risks, including, among other things, our credit risk. See page
S-4.
You should read the additional disclosure herein so that you may better understand the terms and risks of your
investment.
The estimated value of your notes at the time the terms of your notes were set on the trade date (as
determined by reference to pricing models used by Goldman, Sachs & Co. and taking into account our credit
spreads) was equal to approximately $898 per $1,000 face amount, which is less than the original issue price.
The value of your notes at any time will reflect many factors and cannot be predicted.

Original issue date: December 13, 2013
Original issue price: 100.00% of the face amount

Underwriting discount: 4.55% of the face amount
Net proceeds to issuer: 95.45% of the face amount
Neither the Securities and Exchange Commission nor any other regulatory body has approved or
disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement, the
accompanying prospectus supplement or the accompanying prospectus. Any representation to the contrary is
a criminal offense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance
Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
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Prospectus Supplement No. 2554 dated December 10, 2013.
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The issue price, underwriting discount and net proceeds listed on the cover page hereof relate to the notes we sel
initial y. We may decide to sel additional notes after the date of this prospectus supplement, at issue prices and with
underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or
negative) on your investment in notes wil depend in part on the issue price you pay for such notes.
Goldman Sachs may use this prospectus supplement in the initial sale of the offered notes. In addition, Goldman,
Sachs & Co., or any other affiliate of Goldman Sachs may use this prospectus supplement in a market-making
transaction in a note after its initial sale. Unless Goldman Sachs or its agent informs the purchaser otherwise in
the confirmation of sale, this prospectus supplement is being used in a market-making transaction.

About Your Notes
The notes are part of the Medium-Term Notes, Series D program of The Goldman Sachs Group, Inc. This prospectus
supplement constitutes a supplement to the documents listed below and should be read in conjunction with such
documents:

·

Prospectus supplement dated September 19, 2011

·

Prospectus dated September 19, 2011
The information in this prospectus supplement supersedes any conflicting information in the documents listed above. In
addition, some of the terms or features described in the listed documents may not apply to your notes.

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SUMMARY INFORMATION

We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the "notes". Each
of the offered notes, including your notes, has the terms described below and under "Specific Terms of Your Notes"
on page S-10. Please note that in this prospectus supplement, references to "The Goldman Sachs Group, Inc.",
"we", "our" and "us" mean only The Goldman Sachs Group, Inc. and do not include its consolidated subsidiaries.
Also, references to the "accompanying prospectus" mean the accompanying prospectus, dated September 19, 2011
as supplemented by the accompanying prospectus supplement, dated September 19, 2011, relating to
Medium-Term Notes, Series D, of The Goldman Sachs Group, Inc. References to the "indenture" in this prospectus
supplement mean the senior debt indenture, dated July 16, 2008, between The Goldman Sachs Group, Inc. and The
Bank of New York Mellon, as trustee.
Key Terms

Issuer: The Goldman Sachs Group, Inc.
CMS spread: on any interest determination date, the
difference of the 30-year CMS rate minus the 5-year
CMS rate.
30-year CMS rate: for any interest determination date,
the 30-year U.S. dol ar interest rate swap rate (as
described on page S-11) on such day, subject to
adjustment as described elsewhere in this prospectus
supplement
5-year CMS rate: for any interest determination date, the
5-year U.S. dol ar interest rate swap rate (as described
on page S-11) on such day, subject to adjustment as
described elsewhere in this prospectus supplement
Face amount: each note wil have a face amount equal
to $1,000; $3,000,000 in the aggregate for al the offered
notes; the aggregate face amount of the offered notes
may be increased if the issuer, at its sole option, decides
to sell an additional amount of the offered notes on a date
subsequent to the date of this prospectus supplement
Supplemental discussion of U.S. federal income tax
consequences: We intend to treat your notes as variable
rate debt instruments for U.S. federal income tax
purposes. Under this characterization, it is the opinion of
Sidley Austin LLP that you should include the interest
payments on the notes in ordinary income at the time you
receive or accrue such payments, depending on your
regular method of accounting for tax purposes. In
addition, any gain or loss you recognize upon the sale,
exchange, redemption or maturity of your notes should be
capital gain or loss except to the extent of any amount
attributable to any accrued but unpaid interest payments
on your notes.
Trade date: December 10, 2013
Original issue date (settlement date): December 13,
2013
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Stated maturity date: December 13, 2028, subject to
our early redemption right and to adjustment as described
under "Specific Terms of Your Notes -- Payment of
Principal on Stated Maturity Date -- Stated Maturity
Date" on page S-11
Specified currency: U.S. dol ars ("$")
Denominations: $1,000 or integral multiples of $1,000 in
excess thereof
Interest payment dates: March 13, June 13,
September 13 and December 13 of each year, beginning
on March 13, 2014, and ending on the stated maturity
date, subject to adjustments as described elsewhere in
the prospectus supplement
Early redemption: we have the right to redeem your
notes, in whole but not in part, at a price equal to 100%
of the face amount plus accrued and unpaid interest, on
each interest payment date on or after June 13, 2014,
subject to five business days' prior notice
Interest rate: for the first four interest periods, the
interest rate wil be 10.00% per annum. For each interest
period thereafter, subject to our early redemption right,
the interest rate wil be based upon the CMS spread on
the relevant interest determination date for such interest
period and wil be a rate per annum equal to:

S-2
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· if (i) the CMS spread times (ii) 4.65 is greater

than or equal to the maximum interest rate: the
maximum interest rate;

· if (i) the CMS spread times (i ) 4.65 is less than

the maximum interest rate but greater than 0%:
(i) the CMS spread times (i ) 4.65; or

· if the CMS spread is equal to or less than 0%:

0%
Maximum interest rate: 10.00% per annum
Day count convention: 30/360 (ISDA)
Business day convention: fol owing unadjusted
Regular record dates: the scheduled business day
immediately preceding each interest payment date
Defeasance: not applicable
No listing: the offered notes wil not be listed or
displayed on any securities exchange or interdealer
market quotation system
Business day: as described on page S-13
U.S. Government securities business day: any day
except for a Saturday, Sunday or a day on which the
Securities Industry and Financial Markets Association
recommends that the fixed income department of its
members be closed for the entire day for purposes of
trading in U.S. government securities
Interest determination dates: for each interest period
after the first four interest periods, the second U.S.
Government securities business day preceding such
interest period
Interest period: the period from and including each
interest payment date (or the original issue date, in the
case of the initial interest period) to but excluding the next
succeeding interest payment date (or the stated maturity
date, in the case of the final interest period)
FDIC: The notes are not bank deposits and are not
insured by the Federal Deposit Insurance Corporation
(the "FDIC") or any other governmental agency, nor are
they obligations of, or guaranteed by, a bank
Calculation agent: Goldman, Sachs & Co.
CUSIP no.: 38147Q2A3
ISIN no.: US38147Q2A32

S-3
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ADDITIONAL RISK FACTORS SPECIFIC TO YOUR NOTES

An investment in your notes is subject to the risks described below, as well as the risks described under
"Considerations Relating to Indexed Securities" in the accompanying prospectus dated September 19, 2011. You
should carefully review these risks as well as the terms of the notes described herein and in the accompanying
prospectus, dated September 19, 2011, as supplemented by the accompanying prospectus supplement, dated
September 19, 2011, of The Goldman Sachs Group, Inc. Your notes are a riskier investment than ordinary debt
securities. You should carefully consider whether the offered notes are suited to your particular circumstances.

The Estimated Value of Your Notes At the Time the
Terms of Your Notes Were Set On the Trade Date (as
Determined By Reference to Pricing Models Used By
Goldman, Sachs & Co.) Was Less Than the Original
Issue Price Of Your Notes
The original issue price for your notes exceeds the
estimated value of your notes as of the time the terms of
your notes were set on the trade date, as determined by
reference to Goldman, Sachs & Co.'s pricing models and
taking into account our credit spreads. Such estimated
value on the trade date is set forth on the cover of this
prospectus supplement; after the trade date, the
estimated value as determined by reference to these
models wil be affected by changes in market conditions,
our creditworthiness and other relevant factors. If
Goldman, Sachs & Co. buys or sel s your notes it wil do
so at prices that reflect the estimated value determined
by reference to such pricing models at that time. The
price at which Goldman, Sachs & Co. will buy or sell your
notes at any time also wil reflect its then current bid and
ask spread for similar sized trades of structured notes.
In estimating the value of your notes as of the time
the terms of your notes were set on the trade date, as
disclosed on the front cover of this prospectus
supplement, Goldman, Sachs & Co.'s pricing models
consider certain variables, including principally our credit
spreads, interest rates (forecasted, current and historical
rates), volatility, price-sensitivity analysis and the time to
maturity of the notes. These pricing models are
proprietary and rely in part on certain assumptions about
future events, which may prove to be incorrect. As a
result, the actual value you would receive if you sold your
notes in the secondary market, if any, to others may
differ, perhaps materially, from the estimated value of
your notes determined by reference to our models due to,
among other things, any
differences in pricing models or assumptions used by
others. See "-- The Market Value of Your Notes May Be
Influenced by Many Factors That Are Unpredictable and
Interrelated in Complex Ways" below.
The difference between the estimated value of your
notes as of the time the terms of your notes were set on
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the trade date and the original issue price is a result of
certain factors, including principal y the underwriting
discount and commissions, the expenses incurred in
creating, documenting and marketing the notes, and an
estimate of the difference between the amounts we pay
to Goldman, Sachs & Co. and the amounts Goldman,
Sachs & Co. pays to us in connection with your notes. We
pay to Goldman, Sachs & Co. amounts based on what
we would pay to holders of a non-structured note with a
similar maturity. In return for such payment, Goldman,
Sachs & Co. pays to us the amounts we owe under your
notes.
In addition to the factors discussed above, the value
and quoted price of your notes at any time wil reflect
many factors and cannot be predicted. If Goldman,
Sachs & Co. makes a market in the notes, the price
quoted by Goldman, Sachs & Co. would reflect any
changes in market conditions and other relevant factors,
including any deterioration in our creditworthiness or
perceived creditworthiness. These changes may
adversely affect the value of your notes, including the
price you may receive for your notes in any market
making transaction. To the extent that Goldman, Sachs &
Co. makes a market in the notes, the quoted price wil
reflect the estimated value determined by reference to
Goldman, Sachs & Co.'s pricing models at that time, plus
or minus its then current bid and ask spread for similar
sized trades of structured notes.

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Furthermore, if you sell your notes, you will likely be
charged a commission for secondary market
transactions, or the price wil likely reflect a dealer
discount. This commission or discount wil further reduce
the proceeds you would receive for your notes in a
secondary market sale.
There is no assurance that Goldman, Sachs & Co. or
any other party wil be wil ing to purchase your notes at
any price and, in this regard, Goldman, Sachs & Co. is
not obligated to make a market in the notes. See "--
Your Notes May Not Have an Active Trading Market"
below.
The Notes Are Subject to the Credit Risk of the
Issuer
Although the return on the notes wil be based in part
on the relationship between the 5-year CMS rate and the
30-year CMS rate, the payment of any amount due on
the notes is subject to our credit risk. The notes are our
unsecured obligations. Investors are dependent on our
ability to pay all amounts due on the notes, and therefore
investors are subject to our credit risk and to changes in
the market's view of our creditworthiness. See
"Description of the Notes We May Offer -- Information
About Our Medium-Term Notes, Series D Program --
How the Notes Rank Against Other Debt" on page S-4 of
the accompanying prospectus supplement.
If the CMS Spread Changes, the Market Value of Your
Notes May Not Change in the Same Manner
The price of your notes may move differently than the
CMS spread. The CMS spread wil vary during the term
of the notes based on the relationship between the 5-year
CMS rate and the 30-year CMS rate as wel as the
market's expectation of this relationship in the future.
Changes in the CMS spread may not result in a
comparable change in the market value of your notes.
Even if the CMS spread is greater than 0% during some
portion of the life of the offered notes after the first four
interest periods, the market value of your notes may not
increase in the same manner. We discuss some of the
reasons for this disparity under "-- The Market Value of
Your Notes May Be Influenced by Many Factors That Are
Unpredictable and Interrelated in Complex Ways" below.
Because of the long-dated maturity of your notes, the
expected future performance of the CMS spread wil have
a greater impact on the market value of your notes than if
your notes had an earlier maturity date. In particular, the
expected future performance of the CMS spread may
cause the market value of your notes to decrease even
though the CMS spread may be greater than 0% during
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some portion of the life of the offered notes. Moreover,
expectations about the performance of the CMS spread
in the future are subject to a great degree of uncertainty
and may be based on assumptions about the future that
may prove to be incorrect. Even if the expected future
performance of the CMS spread is favorable to your
notes, this uncertainty may result in market participants
substantial y discounting this future performance when
determining the market value of your notes.
If the CMS Spread Is Less than or Equal to 0% on the
Relevant Interest Determination Date for Any Interest
Period After the First Four Interest Periods, No
Interest Will Be Paid for that Interest Period
Because of the formula used to calculate the interest
rate applicable to your notes, in the event that on the
relevant interest determination date for any interest
period after the first four interest periods the 30-year
CMS rate does not exceed the 5-year CMS rate, no
interest wil be paid for such interest period, even if the
CMS spread on subsequent days is greater than 0%.
Therefore, if the 30-year CMS rate does not exceed the
5-year CMS rate for a prolonged period of time over the
life of your notes after the first four interest periods,
including interest determination dates, you wil receive no
interest during the affected interest periods. In such case,
even if you receive some interest payments on some or
al of the interest payment dates, the overal return you
earn on your notes may be less than you would have
earned by investing in a non-indexed debt security of
comparable maturity that bears interest at a prevailing
market rate.
Assuming circumstances where no interest payment
is to be made on your notes after the fourth interest
period, the present value of your notes as of the original
issue date wil equal the present value of a bond that
pays only the coupons up to and including the fourth
interest period, and with the same maturity and face

S-5
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