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Goldman plans 10-year fixed-to-floating notes tied to 10-year CMS rate
By Toni Weeks
San Luis Obispo, Calif., May 1 – Goldman Sachs Group, Inc. plans to price fixed-to-floating notes due May 2025 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.25% for the first three years. After that, the coupon will be equal to the then-applicable 10-year CMS rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes (Cusip: 38148T2E8) will settle in May.
Goldman Sachs & Co. is the underwriter.
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