New Issue: Goldman prices $10.7 million fixed-to-floaters tied to 10-year CMS rate

By Toni Weeks

San Luis Obispo, Calif., July 28 – Goldman Sachs Group, Inc. priced $10.7 million of fixed-to-floating-rate notes due July 29, 2027 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 4% for the first three years. After that, the interest rate will be equal to the 10-year CMS rate, subject to a minimum rate of zero. Interest is payable quarterly.

The payout at maturity will be par.

Goldman Sachs & Co. is the underwriter.

Issuer:	Goldman Sachs Group, Inc.
Issue:	Fixed-to-floating-rate notes
Underlying:	10-year CMS rate
Amount:	$10.7 million
Maturity:	July 29, 2027
Coupon:	4% initially; after July 29, 2018, equal to 10-year CMS rate, subject to floor of zero; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	July 24
Settlement date:	July 29
Underwriter:	Goldman Sachs & Co.
Fees:	1.825%
Cusip:	38148TAK5

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