Published on 2/21/2017 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $3.17 million fixed-to-floaters with 4% initial rate
By Marisa Wong
Morgantown, W.Va., Feb. 21 – Goldman Sachs Group, Inc. priced $3.17 million of fixed-to-floating notes due Feb. 21, 2027, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 4% for the first two years. After that, the rate will be equal to the 10-year CMS rate plus 10 basis points. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Goldman, Sachs & Co. and Incapital LLC are the agents.
Issuer: | Goldman Sachs Group, Inc.
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Issue: | Fixed-to-floating notes
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Amount: | $3.17 million
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Maturity: | Feb. 21, 2027
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Coupon: | 4% for the first two years; after that, 10-year CMS rate plus 10 bps, subject to 0% floor; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Feb. 15
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Settlement date: | Feb. 21
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Agents: | Goldman, Sachs & Co. and Incapital LLC
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Fees: | 1.742%
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Cusip: | 38150A2F1
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