Obbligazione Turkiye 7.25% ( US900123AV22 ) in USD

Turkiye

100 USD ⇌

Turchia

US900123AV22 ( in USD )

7.25% per anno ( pagato 2 volte l'anno)

15/03/2015 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Turkey US900123AV22 in USD 7.25%, scaduta

2 000 USD

2 750 000 000 USD

900123AV2

La Turchia è una nazione transcontinentale situata tra l'Asia e l'Europa, con una ricca storia e una cultura variegata che fonde influenze orientali e occidentali.

Un'analisi retrospettiva su un'obbligazione sovrana emessa dalla Turchia rivela i dettagli di un titolo giunto a scadenza e regolarmente rimborsato, evidenziando le caratteristiche di questa emissione obbligazionaria. L'emittente di questo strumento finanziario è la Turchia, una nazione con una significativa presenza sui mercati del debito internazionale, che periodicamente ricorre all'emissione di obbligazioni sovrane per finanziare le proprie esigenze di bilancio o per rifinanziare debito esistente. Il paese di emissione, coerentemente, è stata la Turchia stessa. Identificata dal codice ISIN US900123AV22 e dal codice CUSIP 900123AV2, questa specifica obbligazione era denominata in Dollari Statunitensi (USD), una valuta comune per le emissioni internazionali per garantire un più ampio accesso agli investitori globali. Il tasso di interesse nominale annuale fissato per questo titolo era del 7.25%, un rendimento che offriva un interessante profilo per gli investitori al momento dell'emissione. L'ammontare complessivo dell'emissione si attestava su una dimensione notevole di 2.750.000.000 USD, indicando un'operazione di vasta scala sul mercato del debito. La dimensione minima acquistabile per gli investitori era di 2.000 USD, rendendo il titolo accessibile a una gamma diversificata di sottoscrittori. Il punto saliente di questa obbligazione è la sua maturità: il titolo è giunto a scadenza il 15 marzo 2015. Conformemente alle sue condizioni contrattuali, l'obbligazione è stata rimborsata integralmente al 100% del suo valore nominale, un aspetto fondamentale per gli obbligazionisti che hanno ricevuto il capitale investito. I pagamenti degli interessi erano previsti con una frequenza di due volte all'anno, tipicamente semestrale, garantendo un flusso di reddito regolare fino alla data di scadenza.

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<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>e02234be424b3.txt
<DESCRIPTION>PROSPECTUS SUPPLEMENT NO. 433
<TEXT>
<PAGE>
Filed Pursuant to Rule 424(b)(3)
Registration Statement No. 333-112367
Prospectus Supplement to the Prospectus dated February 6, 2004
and the Prospectus Supplement dated February 6, 2004 -- No. 433
[GOLDMAN SACHS LOGO]
THE GOLDMAN SACHS GROUP, INC.
------------------------
$40,892,000
Medium-Term Notes, Series B
Enhanced Participation Notes due February 2006
(Linked to the S&P 500(R) Index)
------------------------
The amount that you will be paid on your note on February 22, 2006 (unless
extended due to market disruption or non-business days), is linked on a
one-to-one basis to a decline in the S&P 500(R) Index and a three-to-one basis
to an increase in the S&P 500(R) Index, subject to a maximum gain of 15.00%.
YOU COULD LOSE YOUR ENTIRE INVESTMENT IN YOUR NOTE; A NEGATIVE PERCENTAGE
RETURN ON THE S&P 500(R) INDEX WILL REDUCE THE PAYMENT YOU WILL RECEIVE AT
STATED MATURITY BY THE SAME NEGATIVE PERCENTAGE. HOWEVER, THE MAXIMUM PAYMENT
THAT YOU COULD RECEIVE ON THE STATED MATURITY DATE WITH RESPECT TO A $2,000 FACE
AMOUNT NOTE (THE MINIMUM DENOMINATION) IS LIMITED TO $2,300 (115.00% OF THE FACE
AMOUNT). IN ADDITION, WE WILL NOT PAY INTEREST ON THE NOTES AND WE WILL NOT PAY
ANY OTHER AMOUNT WITH RESPECT TO YOUR NOTE PRIOR TO THE STATED MATURITY.
We will determine the amount to be paid to you on your note by first
calculating the percentage increase or decrease, if any, in the S&P 500(R) Index
from the initial index level of 1,114.58 (the closing level on the trade date)
to the final index level (the closing level on the determination date, which
will be the fifth business day prior to the stated maturity date, unless
extended due to market disruption). We will then calculate the amount, if any,
which you will be paid for each $2,000 face amount of your note (the minimum
denomination) on the stated maturity date as follows:
- If the return on the S&P 500(R) Index is greater than or equal to 5.00%,
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we will pay you $2,300 (the face amount of your note plus the face amount
of your note times 15.00%).
- If the return on the S&P 500(R) Index is greater than zero, but less than
5.00%, we will pay you the face amount of your note plus the face amount
of your note multiplied by three times the percentage increase.
- If the return on the S&P 500(R) Index is zero, we will pay you $2,000
(the face amount of your note).
- If the return on the S&P 500(R) Index is negative, we will pay you the
face amount of your note minus the face amount of your note multiplied by
the percentage decrease (with the product of that multiplication
expressed as a positive amount).
Because we have provided only a brief summary of the terms of your note
above, you should read the detailed description of the terms of the notes found
in "Summary Information" on page S-2 and "Specific Terms of Your Note" on page
S-12.
YOUR INVESTMENT IN THE NOTES INVOLVES CERTAIN RISKS. IN PARTICULAR,
ASSUMING NO CHANGES IN MARKET CONDITIONS OR OTHER RELEVANT FACTORS, THE VALUE OF
YOUR NOTE ON THE DATE OF THIS PROSPECTUS SUPPLEMENT (AS DETERMINED BY REFERENCE
TO PRICING MODELS USED BY GOLDMAN, SACHS & CO.) IS SIGNIFICANTLY LESS THAN THE
ORIGINAL ISSUE PRICE. WE ENCOURAGE YOU TO READ "ADDITIONAL RISK FACTORS SPECIFIC
TO YOUR NOTE" ON PAGE S-7 SO THAT YOU MAY BETTER UNDERSTAND THOSE RISKS.
ORIGINAL ISSUE DATE (SETTLEMENT DATE): October 7, 2004
ORIGINAL ISSUE PRICE: 100% of the face amount
UNDERWRITING DISCOUNT: 0.1% of the face amount
NET PROCEEDS TO THE ISSUER: 99.9% 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. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
------------------------
Goldman Sachs may use this prospectus supplement in the initial sale of the
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.
"Standard & Poor's 500(R)", "S&P(R)", "Standard & Poor's(R)" and "S&P
500(R)" are trademarks of McGraw-Hill Inc. and are licensed for use by Goldman,
Sachs & Co. and its affiliates. The notes are not sponsored, sold or promoted by
Standard & Poor's and Standard & Poor's makes no representations regarding the
advisability of investing in the notes.
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GOLDMAN, SACHS & CO.
------------------------
Prospectus Supplement dated September 30, 2004.
<PAGE>
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
note, has the terms described below and under "Specific Terms of Your Note" on
page S-12. 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
February 6, 2004, as supplemented by the accompanying Prospectus Supplement,
dated February 6, 2004, of The Goldman Sachs Group, Inc.
--------------------------------------------------------------------------------
KEY TERMS
ISSUER: The Goldman Sachs Group, Inc.
INDEX: S&P 500(R) Index, as published by Standard & Poor's Ratings Group
(Bloomberg: SPX)
FACE AMOUNT: $40,892,000 in the aggregate for all the offered notes
PAYMENT AMOUNT: on the stated maturity date, we will pay the holder of each note
an amount, if any, in cash equal to:
- if the index return is greater than or equal to 5.00%, (1) the outstanding
face amount of the note plus (2) the outstanding face amount of the note
multiplied by the maximum gain
- if the index return is greater than zero, but less than 5.00%, (1) the
outstanding face amount of the note plus (2) the outstanding face amount of
the note multiplied by three times the index return
- if the index return is zero, the outstanding face amount of the note
- if the index return is negative, (1) the outstanding face amount of the note
minus (2) the outstanding face amount of the note multiplied by the index
return (with the product of that multiplication expressed as a positive
amount)
TRADE DATE: September 30, 2004
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INITIAL INDEX LEVEL: 1,114.58
FINAL INDEX LEVEL: the closing level of the index on the determination date,
except in the limited circumstances described under "Specific Terms of Your
Note -- Consequences of a Market Disruption Event" on page S-14 and subject to
adjustment as provided under "Specific Terms of Your Note -- Discontinuance or
Modification of the Index" on page S-14
INDEX RETURN: the result of (i) the final index level minus the initial index
level divided by (ii) the initial index level, expressed as a percentage
MAXIMUM GAIN PER FACE AMOUNT OF NOTE: 15.00%
STATED MATURITY DATE: February 22, 2006, unless extended for up to six business
days
DETERMINATION DATE: the fifth business day prior to February 22, 2006, unless
extended for up to five business days
NO INTEREST: the offered notes will not bear interest
NO LISTING: the notes will not be listed on any securities exchange or
interdealer market quotation system
CALCULATION AGENT: Goldman, Sachs & Co.
BUSINESS DAY: as described under "Specific Terms of your Note -- Special
Calculation Provisions -- Business Day" on page S-15
S-2
<PAGE>
Q&A
HOW DO THE NOTES WORK?
The enhanced participation notes offered by this prospectus supplement
have a stated maturity date of February 22, 2006 (unless extended due to market
disruption or non-business days). The amount that you will be paid on your note
on the stated maturity date will be linked on a one-to-one basis to a decline in
the S&P 500(R) Index and a three-to-one basis to an increase in the S&P 500(R)
Index, subject to a maximum gain of 15.00%. The entire principal amount of your
note is at risk if the S&P 500(R) Index declines, so you may lose all or a
significant amount of your initial investment. The notes will not bear interest
and no payments will be made prior to the stated maturity date. See "Additional
Risk Factors Specific to Your Note" on page S-7.
As discussed in the accompanying prospectus, the notes are indexed debt
securities and are part of a series of debt securities entitled "Medium-Term
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Notes, Series B" issued by The Goldman Sachs Group, Inc. The notes will rank
equally with all other unsecured and unsubordinated debt of The Goldman Sachs
Group, Inc. For more details, see "Specific Terms of Your Note" on page S-12.
WHO SHOULD OR SHOULD NOT CONSIDER AN INVESTMENT IN THE NOTES?
We have designed the enhanced participation notes for investors who want
to participate in a potential increase in the S&P 500(R) Index on a three-to-one
basis, up to a maximum gain of 15.00%, while having their entire principal
subject, on a one-to-one basis, to the risk of a decline in the S&P 500(R)
Index. Because the entire principal amount of your notes will be fully exposed
to any potential depreciation of the S&P 500(R) Index over the term of the
notes, you should only consider purchasing the notes if you are willing to
accept the risk of loss of the entire principal amount of your note.
In addition, if the amount payable on your note on the stated maturity
date is the face amount or even if the amount payable exceeds the face amount of
your note, the overall return you earn on your note may be less than you would
have earned by investing in a non-indexed debt security that bears interest at a
prevailing market rate. The notes may therefore not be a suitable investment for
you if you prefer the lower risk of fixed income investments with comparable
maturities issued by companies with comparable credit ratings. For more details,
see "Additional Risk Factors Specific to Your Note -- Your Note Does Not Bear
Interest" on Page S-8 below.
WHAT WILL I RECEIVE AT THE STATED MATURITY OF THE NOTES?
The payment amount, if any, for each offered note outstanding on the
stated maturity date will be an amount in cash equal to:
- if the index return is greater than or equal to 5.00%, (1) the outstanding
face amount of the note plus (2) the outstanding face amount of the note
multiplied by the maximum gain
- if the index return is greater than zero, but less than 5.00%, (1) the
outstanding face amount of the note plus (2) the outstanding face amount of
the note multiplied by three times the index return
- if the index return is zero, the outstanding face amount of the note
- if the index return is negative, (1) the outstanding face amount of the note
minus (2) the outstanding face amount of the note multiplied by the index
return (with the product of that multiplication expressed as a positive
amount)
The index return is calculated by subtracting the initial index level from
the final index level and by dividing the result by the initial index level,
with the result expressed as a percentage.
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If the final index level is greater than the initial index level, i.e.,
the index return is positive due to an increase in the S&P 500(R) Index, you
will participate in any such
S-3
<PAGE>
increase on a three-to-one basis, subject to the maximum gain of 15.00%.
Consequently, the maximum payment the holder of your note could receive at
maturity will be 115.00% of the face amount of your note and the holder of your
note will therefore not benefit from any positive index return in excess of
5.00% (that is, one-third of the maximum gain).
If the final index level is less than the initial index level, i.e., the
index return is negative due to a decline in the S&P 500(R) Index, the entire
principal of your note is exposed to any such decline on a one-to-one basis. As
a result, the payment the holder of your note would receive at maturity would be
less than the face amount of your note and might even be reduced to zero.
The calculation agent will determine the final index level, which will be
the closing level of the index on the determination date as calculated and
published by the index sponsor.
WHAT WILL I RECEIVE IF I SELL THE NOTE PRIOR TO THE STATED MATURITY?
If you sell your note prior to the stated maturity date, you will receive
the market price for your note. The market price for your note may be influenced
by many factors, such as interest rates and the volatility of the index.
Depending on the impact of these factors, you may receive significantly less
than the face amount of your note in any sale of your note before the stated
maturity date. In addition, assuming no changes in market conditions and any
other relevant factors, the value of your note on the date of this prospectus
supplement (as determined by reference to pricing models used by Goldman, Sachs
& Co.) is significantly less than the original issue price. For more information
on the value of your note in the secondary market, see "Additional Risk Factors
Specific to Your Note -- Assuming No Changes in Market Conditions Or Any Other
Relevant Factors, the Value of Your Note on the Date of this Prospectus
Supplement (As Determined By Reference to Pricing Models Used by Goldman, Sachs
& Co.) Is Significantly Less Than the Original Issue Price" on page S-7 and
"-- The Market Value of Your Note May Be Influenced by Many Unpredictable
Factors" on page S-8 below.
HYPOTHETICAL EXAMPLES
If the final index level is greater than the initial index level, the
payment on each offered note at the stated maturity will exceed the face amount.
If the final index level is equal to the initial index level, the holder of each
offered note will receive only the face amount. If the final index level is less
than the initial index level, the holder of each offered note will receive less
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than the face amount. The entire principal amount of your notes is at risk in
the event the S&P 500(R) Index declines, so you may lose all or a significant
amount of your initial investment in your note. For more detail about
hypothetical returns on your note, please see the following examples and
"Hypothetical Returns on Your Note" on page S-18.
The table below shows the hypothetical payment amounts that we would
deliver on the stated maturity date in exchange for each $2,000 of the
outstanding face amount of your note, if the final index level (expressed as a
percentage of the initial index level) were any of the hypothetical levels shown
in the left column.
The levels in the left column of the table represent hypothetical final
index levels on the determination date and are expressed as percentages of the
initial index level. The amounts in the right column represent the hypothetical
payment amounts, based on the corresponding hypothetical final index levels and
a maximum gain of 15.00% and are expressed as percentages of the face amount of
a note.
The information in the table reflects hypothetical rates of return on the
offered notes assuming that they are purchased on the original issue date and
held to the stated maturity date. If you sell your note prior to the stated
maturity date, your return will depend upon the market value of your note at the
time of sale, which may be affected by a number of factors that are not
reflected in the examples shown below. For a discussion of
S-4
<PAGE>
some of these factors, see "Additional Risk Factors Specific to Your Note" on
page S-7. We have also assumed that the closing level of the index on the
determination date will be the same as on the stated maturity date and that no
market disruption event occurs.
The examples below are based on a range of index levels that are entirely
hypothetical; no one can predict what the final index level will be on the
determination date. The index has been highly volatile -- meaning that the index
level has changed substantially in relatively short periods -- in the past, and
its future performance cannot be predicted.
The actual performance of the index over the life of the offered notes, as
well as the amount payable at maturity, may bear little relation to the
hypothetical examples shown below and cannot be predicted.
<Table>
<Caption>
HYPOTHETICAL FINAL HYPOTHETICAL PAYMENT
INDEX LEVEL AMOUNTS AS
AS PERCENTAGE OF PERCENTAGE OF FACE
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INITIAL INDEX LEVEL AMOUNT
------------------- --------------------
<S> <C>
130% 115%
125% 115%
110% 115%
105% 115%
102% 106%
100% 100%
75% 75%
50% 50%
25% 25%
0% 0%
</Table>
If, for example, the final index level were determined to be 25% of the
initial index level, the payment amount that we would deliver to you at maturity
would be 25% of the face amount of your note, as shown in the table above. As a
result, if you purchased your note on the original issue date and held it until
the stated maturity date, you would lose 75% of your investment.
The following chart also shows a graphical illustration of the
hypothetical payment amounts (expressed as a percentage of the face amount of
your note) that we would deliver to the holder of your note on the stated
maturity date, if the final index level (expressed as a percentage of the
initial index level) were any of the hypothetical levels shown on the horizontal
axis. The chart shows that any hypothetical final index level of less than 100%
of the initial index level (the section left of the 100% marker on the
horizontal axis) would result in a hypothetical payment amount of less than 100%
of the face amount of your note (the section below the 100% marker on the
vertical axis) and, accordingly, in a loss of principal to the holder of your
note.
S-5
<PAGE>
[GRAPH OF HYPOTHETICAL PAYMENT AMOUNTS]
WHO PUBLISHES THE INDEX AND WHAT DOES IT MEASURE?
The S&P 500(R) Index is intended to provide an indication of the pattern
of common stock price movement. The calculation of the value of the index is
based on the relative value of the aggregate market value of the common stocks
of 500 companies as of a particular time compared to the aggregate average
market value of the common stocks of 500 similar companies during the base
period of the years 1941 through 1943. As of September 30, 2004, 423 companies
or 84.7% of the index traded on the New York Stock Exchange, 75 companies or
15.1% of the index traded on The Nasdaq Stock Market and 2 companies or 0.2% of
the index traded on the American Stock Exchange. Standard & Poor's chooses
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companies for inclusion in the index with the aim of achieving a distribution by
broad industry groupings that approximates the distribution of these groupings
in the common stock population of its stock guide database of over 7,141
equities, which Standard & Poor's uses as an assumed model for the composition
of the total market.
The index is determined, comprised and calculated by Standard & Poor's
without regard to the offered notes.
For further information, please see "The Index" on page S-22.
WHAT ABOUT TAXES?
The U.S. federal income tax consequences of an investment in your note are
uncertain, both as to the timing and character of any inclusion in income in
respect of your note. Some of these tax consequences are summarized below, but
we urge you to read the more detailed discussion in "Supplemental Discussion of
Federal Income Tax Consequences" on page S-26.
Pursuant to the terms of the notes, The Goldman Sachs Group, Inc. and you
agree (in the absence of an administrative or judicial ruling to the contrary)
to characterize your note for all purposes as a pre-paid forward contract with
respect to the index. If your note is so treated, you will generally recognize
capital gain or loss upon the sale or maturity of your note in an amount equal
to the difference between the amount you receive upon the sale of your note or
on the stated maturity date and the amount you paid for your note. Such gain or
loss generally would be long-term capital gain or loss if you held your note for
more than one year.
S-6
<PAGE>
ADDITIONAL RISK FACTORS SPECIFIC TO YOUR NOTE
--------------------------------------------------------------------------------
An investment in your note is subject to the risks described below, as
well as the risks described under "Considerations Relating to Indexed
Securities" in the accompanying prospectus dated February 6, 2004. Your note
is a riskier investment than ordinary debt securities. Also, your note is not
equivalent to investing directly in the index stocks, i.e., the stocks
comprising the index to which your note is linked. You should carefully
consider whether the offered notes are suited to your particular
circumstances.
--------------------------------------------------------------------------------
ASSUMING NO CHANGES IN MARKET CONDITIONS OR ANY OTHER RELEVANT FACTORS, THE
VALUE OF YOUR NOTE ON THE DATE OF THIS PROSPECTUS SUPPLEMENT (AS DETERMINED BY
REFERENCE TO PRICING MODELS USED BY GOLDMAN, SACHS & CO.) IS SIGNIFICANTLY LESS
THAN THE ORIGINAL ISSUE PRICE
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The value or quoted price of your note at any time, however, will reflect
many factors and cannot be predicted. If Goldman, Sachs & Co. makes a market in
the offered notes, the price quoted by Goldman, Sachs & Co. would reflect any
changes in market conditions and other relevant factors, and the quoted price
could be higher or lower than the original issue price, and may be higher or
lower than the value of your note as determined by reference to pricing models
used by Goldman, Sachs & Co.
If at any time a third party dealer quotes a price to purchase your note
or otherwise values your note, that price may be significantly different (higher
or lower) than any price quoted by Goldman, Sachs & Co. You should read "-- The
Market Value of Your Note May Be Influenced by Many Unpredictable Factors"
below.
Furthermore, if you sell your note, you will likely be charged a
commission for secondary market transactions, or the price will likely reflect a
dealer discount.
There is no assurance that Goldman, Sachs & Co. or any other party will be
willing to purchase your note; and, in this regard, Goldman, Sachs & Co. is not
obligated to make a market in the notes. See "-- Your Note May Not Have an
Active Trading Market" below.
THE PRINCIPAL OF YOUR NOTE IS NOT PROTECTED
The principal of your note is not protected. Our cash payment on your note
on the stated maturity date will be based on the final index level. Thus, you
may lose your entire investment in your note, depending on the final index
level, as calculated by the calculation agent.
Also, the market value of your note prior to the stated maturity date may
be significantly lower than the purchase price you pay for your note.
Consequently, if you sell your note before the stated maturity date, you may
receive far less than the amount of your investment in the note.
THE POTENTIAL RETURN ON YOUR NOTE IS LIMITED
The maximum gain on your note at maturity is 15.00%. If the index return
is positive, i.e., there has been an increase in the index, you will participate
in any such increase on a three-to-one basis, subject to the maximum gain of
15.00%, which we will pay if the index return is 5.00% or more (that is,
one-third of the maximum gain on your note). As a result, you will not benefit
from any positive index return in excess of 5.00%. Accordingly, the maximum
payment at maturity for each $2,000 principal amount of the notes will be
$2,300, no matter how high the level of the index may rise.
If the index return exceeds 5.00%, your return on the notes at maturity
will be less than the return on a direct investment in the index without taking
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