New Issue: Goldman sells $17.06 million fixed-to-floaters tied to 10-year CMS rate

By Toni Weeks

San Luis Obispo, Calif., April 6 – Goldman Sachs Group, Inc. priced $17.06 million of fixed-to-floating notes due April 30, 2030 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The coupon will be 4% for the first five years. After that, the interest rate will be equal to the 10-year CMS rate minus 20 basis points, subject to a minimum rate of zero. Interest will be payable quarterly.

The payout at maturity will be par.

Goldman Sachs & Co. is the underwriter.

Issuer:	Goldman Sachs Group, Inc.
Issue:	Fixed-to-floating notes
Underlying:	10-year CMS rate
Amount:	$17.06 million
Maturity:	April 30, 2030
Coupon:	4% initially; beginning April 30, 2020, equal to 10-year CMS rate minus 20 bps, floor of zero; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	April 27
Settlement date:	April 30
Underwriter:	Goldman Sachs & Co.
Fees:	2.174%
Cusip:	38147QZR0

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