Obbligazione Goldman Sachs 0% ( US38148T2D07 ) in USD

Goldman Sachs

98.25 USD ▼

Stati Uniti

US38148T2D07 ( in USD )

05/05/2025

Prospetto opuscolo dell'obbligazione Goldman Sachs US38148T2D07 en USD 0%, scadenza 05/05/2025

1 000 USD

152 455 000 USD

38148T2D0

N/A

A2 ( Upper medium grade - Investment-grade )

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

The Obbligazione issued by Goldman Sachs ( United States ) , in USD, with the ISIN code US38148T2D07, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 05/05/2025

The Obbligazione issued by Goldman Sachs ( United States ) , in USD, with the ISIN code US38148T2D07, was rated A2 ( Upper medium grade - Investment-grade ) by Moody's credit rating agency.

Prospectus Supplement No. 3731 dated April 28, 2015
Page 1 of 26
424B2 1 d917334d424b2.htm PROSPECTUS SUPPLEMENT NO. 3731 DATED APRIL 28, 2015
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-198735
The Goldman Sachs Group, Inc.
$152,455,000
Floating Rate Notes due 2025
We will pay interest quarterly on February 5, May 5, August 5 and November 5 of each year, commencing
on August 5, 2015 to, and including, the stated maturity date (May 5, 2025) at a floating rate equal to the then-
applicable 10-year CMS rate, subject to the minimum interest rate of 0.00% per annum. The notes will mature
on the stated maturity date. On the stated maturity date, you will receive $1,000, plus any accrued and unpaid
interest, for each $1,000 of the face amount of your notes.
The interest on your notes for each quarterly interest period will be a rate equal to the then-applicable 10-
year CMS rate, determined on the relevant interest determination date, subject to the minimum interest rate.
Your investment in the notes involves certain risks, including, among other things, our credit risk.
See page S-5.
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. (GS&Co.) and taking into
account our credit spreads) was equal to approximately $950 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; however, the price (not including GS&Co.'s customary bid and ask spreads) at which
GS&Co. would initially buy or sell notes (if it makes a market, which it is not obligated to do) and the
value that GS&Co. will initially use for account statements and otherwise equals approximately $970
per $1,000 face amount, which exceeds the estimated value of your notes as determined by reference
to these models. The amount of the excess will decline on a straight line basis over the period from the
trade date through December 31, 2015.
Original issue date:
100.00% of the face
May 5, 2015
Original issue price:
amount
Underwriting discount:
Net proceeds to the
96.55% of the face
3.45% of the face amount issuer:
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. 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.
Goldman, Sachs & Co.
Prospectus Supplement No. 3731 dated April 28, 2015.
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Prospectus Supplement No. 3731 dated April 28, 2015
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The issue price, underwriting discount and net proceeds listed on the cover page hereof relate to the notes
we sell initially. We may decide to sell 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 will depend in part on the issue price you pay
for such notes.
Goldman Sachs may use this prospectus in the initial sale of the offered notes. In addition, Goldman,
Sachs & Co., or any other affiliate of Goldman Sachs may use this prospectus 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 is being used in a market-making transaction.
About Your Prospectus
The notes are part of the Medium-Term Notes, Series D program of The Goldman Sachs Group, Inc. This
prospectus includes this prospectus supplement and the accompanying documents listed below. This
prospectus supplement constitutes a supplement to the documents listed below and should be read in
conjunction with such documents:
· Prospectus supplement dated September 15, 2014
· Prospectus dated September 15, 2014
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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Prospectus Supplement No. 3731 dated April 28, 2015
Page 3 of 26
SPECIFIC TERMS OF YOUR NOTES
We refer to the notes we are offering by this prospectus supplement as the "offered notes" or the
"notes". 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, while references to "Goldman Sachs" mean The Goldman Sachs Group, Inc., together with its
consolidated subsidiaries. Also, references to the "accompanying prospectus" mean the accompanying
prospectus, dated September 15, 2014, as supplemented by the accompanying prospectus supplement,
dated September 15, 2014, relating to Medium-Term Notes, Series D, of The Goldman Sachs Group, Inc.
Please note that in this section entitled "Specific Terms of Your Notes", references to "holders" mean those
who own notes registered in their own names, on the books that we or the trustee maintain for this purpose,
and not those who own beneficial interests in notes registered in street name or in notes issued in book-
entry form through The Depository Trust Company. Please review the special considerations that apply to
owners of beneficial interests in the accompanying prospectus, under "Legal Ownership and Book-Entry
Issuance". 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.
Specified currency: U.S. dollars ("$")
Denominations: $1,000 or integral multiples of $1,000 in excess thereof
Type of Notes: Floating rate notes (notes)
Face amount: each note will have a face amount equal to $1,000, or integral multiples of $1,000 in excess
thereof; $152,455,000 in the aggregate for all 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
Stated maturity date: May 5, 2025
Trade date: April 28, 2015
Original issue date (settlement date): May 5, 2015
Form of Notes: global form only
Supplemental discussion of U.S. federal income tax consequences: The notes will be treated 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 interest in ordinary income at the time you receive or accrue such
payments, depending on your regular method of accounting for tax purposes. Any gain or loss you recognize
upon the sale, exchange or maturity of your notes should be capital gain or loss. Please see "Supplemental
Discussion of Federal Income Tax Consequences" below for a more detailed discussion.
Interest rate: for any interest period, a rate per annum equal to the base rate, determined on the relevant
interest determination date, subject to the minimum interest rate; for the initial interest period, the base rate
shall be the initial base rate
Base rate: 10-year CMS rate (as described under "Historical 10-Year CMS Rates" below and in the
accompanying prospectus supplement under "Description of the Notes We May Offer Interest Rates CMS
Rate Notes")
Index maturity: 10 years
Initial base rate: 10-year CMS rate in effect on May 1, 2015
Minimum interest rate: 0.00% per annum
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Prospectus Supplement No. 3731 dated April 28, 2015
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Interest payment dates: expected to be February 5, May 5, August 5 and November 5 of each year,
commencing on August 5, 2015, to, and including, the stated maturity date, subject to adjustments as
described elsewhere in the prospectus supplement
S-2
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Interest periods: quarterly; the periods from and including an interest payment date (or the original issue
date, in the case of the first interest period) to but excluding the next succeeding interest payment date (or the
stated maturity date, in the case of the final interest period)
Interest determination dates: for each interest period, the second U.S. Government securities business day
preceding the interest reset date
Business day convention: following unadjusted; applicable to interest payment dates and interest reset
dates
Interest reset dates: every February 5, May 5, August 5 and November 5 of each year, commencing on
August 5, 2015
Day count convention: 30/360 (ISDA)
Regular record dates: the day immediately prior to the day on which the interest payment is to be made (as
such payment day may be adjusted under the applicable business day convention)
No listing: the notes will not be listed or displayed on any securities exchange or interdealer market quotation
system
No redemption: the notes will not be subject to redemption right or price dependent redemption right
Business Day: New York business day.
Defeasance applies as follows:
full defeasance: no
covenant defeasance: no
Calculation agent: Goldman, Sachs & Co.
CUSIP no.: 38148T2D0
ISIN no.: US38148T2D07
FDIC: 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
S-3
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Prospectus Supplement No. 3731 dated April 28, 2015
Page 6 of 26
HYPOTHETICAL EXAMPLES
The following table is provided for purposes of illustration only. It should not be taken as an indication or
prediction of future investment results and is intended merely to illustrate the method we will use to calculate
the amount of interest accrued during each interest period.
The table below is based on 10-year CMS rates that are entirely hypothetical; no one can predict what the
10-year CMS rate will be on any day, and no one can predict the interest that will accrue on your notes in any
interest period.
For these reasons, the actual 10-year CMS rates, as well as the interest payable on each interest payment
date, may bear little relation to the hypothetical table shown below or to the historical 10-year CMS rates shown
elsewhere in this prospectus supplement. For information about the 10-year CMS rates during recent periods,
see "Historical 10-year CMS Rates" on page S-10. Before investing in the offered notes, you should consult
publicly available information to determine the 10-year CMS rates between the date of this prospectus
supplement and the date of your purchase of the offered notes.
The following table illustrates the method we will use to calculate the interest rate at which interest will
accrue on each day included in each interest period, subject to the key terms and assumptions below.
The percentage amounts in the left column of the table below represent hypothetical 10-year CMS rates on
a given interest determination date. The right column of the table below represent the hypothetical interest, as
a percentage of the face amount of each note, that would be payable on a given interest payment date, based
on the corresponding hypothetical 10-year CMS rate. The information in the table also reflects the key terms
and assumptions in the box below.
Key Terms and Assumption
Face amount
$1,000
Minimum interest rate
0.00% per annum
Also, the hypothetical examples shown below do not take into account the effects of applicable taxes.
Hypothetical interest amount payable on an
interest
Hypothetical 10-Year CMS Rate
payment date
-3.00%
0.00%*
-2.00%
0.00%*
-1.00%
0.00%*
0.00%
0.00%
0.25%
0.25%
0.90%
0.90%
1.00%
1.00%
2.35%
2.35%
3.00%
3.00%
4.00%
4.00%
5.50%
5.50%
7.00%
7.00%
* Interest is floored at the minimum interest rate of 0.00% per annum for each interest payment date.
Payments on the notes are economically equivalent to the amounts that would be paid on a combination of
other instruments. For example, payments on the notes are economically equivalent to the amounts that would
be paid on a combination of an interest-bearing bond bought, and an option bought, by the holder (with an
implicit option premium paid over time by the holder). The discussion in this paragraph does not modify or
affect the terms of the notes or the United States income tax treatment of the notes, as described elsewhere in
this prospectus supplement.
We cannot predict the actual 10-year CMS rate on any day or the market value of your notes, nor can
we predict the relationship between the 10-year CMS rate and the market value of your notes at any time
prior to the stated maturity date. The actual interest payment that a holder of the offered notes will receive
on each interest payment date and the rate of return on the offered notes will depend on the actual 10-year
CMS rates determined by the calculation agent over the life of your notes. Moreover, the assumptions on
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Prospectus Supplement No. 3731 dated April 28, 2015
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which the hypothetical table is based may turn out to be inaccurate. Consequently, the interest amount to
be paid in respect of your notes on each interest payment date may be very different from the information
reflected in the table above.
S-4
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Prospectus Supplement No. 3731 dated April 28, 2015
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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 and
considerations described in the accompanying prospectus dated September 15, 2014 and in the
accompanying prospectus supplement dated September 15, 2014. Your notes are a riskier investment than
ordinary debt securities. You should carefully review these risks and considerations as well as the terms of
the notes described herein and in the accompanying prospectus, dated September 15, 2014, as
supplemented by the accompanying prospectus supplement, dated September 15, 2014, 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 will be affected by changes in market conditions, our creditworthiness and other relevant factors.
The price at which Goldman, Sachs & Co. would initially buy or sell your notes (if Goldman, Sachs & Co.
makes a market, which it is not obligated to do), and the value that Goldman, Sachs & Co. will initially use for
account statements and otherwise, also exceeds the estimated value of your notes as determined by reference
to these models. As agreed by Goldman, Sachs & Co. and the distribution participants, the amount of this
excess will decline on a straight line basis over the period from the date hereof through the applicable date set
forth on the cover. Thereafter, if Goldman, Sachs & Co. buys or sells your notes it will 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 will reflect its then current bid and ask spread
for similar sized trades of our 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 Unpredictable Factors" below.
The difference between the estimated value of your notes as of the time the terms of your notes were set
on the trade date and the original issue price is a result of certain factors, including principally 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 fixed rate 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 will 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 will 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 our notes (and subject to the declining excess
amount described above).
Furthermore, if you sell your notes, you will likely be charged a commission for secondary market
transactions, or the price will likely reflect a dealer discount. This commission or discount will further reduce the
proceeds you would receive for your notes in a secondary market sale.
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Prospectus Supplement No. 3731 dated April 28, 2015
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There is no assurance that Goldman, Sachs & Co. or any other party will be willing 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.
S-5
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The Notes Are Subject to the Credit Risk of the Issuer
Although the return on the notes will be based in part on the performance of the 10-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.
We May Sell an Additional Aggregate Face Amount of the Notes at a Different Issue Price
At our sole option, we may decide to sell an additional aggregate face amount of the notes subsequent to
the date of this prospectus supplement. The issue price of the notes in the subsequent sale may differ
substantially (higher or lower) from the issue price you paid as provided on the cover of this prospectus
supplement.
The Amount of Interest Payable on Your Notes Will Not Be Affected by the 10-Year CMS Rate on Any
Day Other Than an Interest Determination Date
For each interest period, the amount of interest payable on each interest payment date is calculated based
on the 10-year CMS rate on the applicable interest determination date. Although the actual 10-year CMS rate
on an interest payment date or at other times during an interest period may be higher than the 10-year CMS
rate on the applicable interest determination date, you will not benefit from the 10-year CMS rate at any time
other than on the interest determination date for such interest period.
Recent Regulatory Investigations Regarding Potential Manipulation of ISDAfix May Adversely Affect
Your Notes
It has been reported that the U.K. Financial Conduct Authority and the U.S. Commodity Futures Trading
Commission are working together to investigate potential manipulation of ISDAfix. If such manipulation
occurred, it may have resulted in the 10-year CMS rate being artificially lower (or higher) than it would
otherwise have been. Any changes or reforms affecting the determination or supervision of ISDAfix in light of
these investigations may result in a sudden or prolonged increase or decrease in reported ISDAfix, which could
have an adverse impact on the trading market for ISDAfix-benchmarked securities such as your notes, the
value of your notes and any payments on your notes.
The Historical Levels of the 10-Year CMS Rate Are Not an Indication of the Future Levels of the 10-Year
CMS Rate
In the past, the level of the 10-year CMS rate has experienced significant fluctuations. You should note that
historical levels, fluctuations and trends of the 10-year CMS rate are not necessarily indicative of future levels.
Any historical upward or downward trend in the 10-year CMS rate is not an indication that the 10-year CMS
rate is more or less likely to increase or decrease at any time during an interest period, and you should not take
the historical levels of the 10-year CMS rate as an indication of its future performance.
If You Purchase Your Notes at a Premium to Face Amount, the Return on Your Investment Will Be
Lower Than the Return on Notes Purchased at Face Amount and the Impact of Certain Key Terms of
the Notes Will be Negatively Affected
The amount you will be paid for your notes on the stated maturity date will not be adjusted based on the
issue price you pay for the notes. If you purchase notes at a price that differs from the face amount of the
notes, then the return on your investment in such notes held to the stated maturity date will differ from, and
may be substantially less than, the return on notes purchased at face amount. If you purchase your notes at a
premium to face amount and hold them to the stated maturity date, the return on your investment in the notes
will be lower than it would have been had you purchased the notes at face amount or a discount to face
amount.
The Market Value of Your Notes May Be Influenced by Many Unpredictable Factors
When we refer to the market value of your notes, we mean the value that you could receive for your notes if
you chose to sell them in the open market before the stated maturity date. A number of factors, many of which
are beyond our control, will influence the market value of your notes, including:

the 10-year CMS rate;
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