Published on 3/26/2018 in the Prospect News Structured Products Daily.
New Issue: Goldman prices $3 million fixed-to-floaters linked to 10-year CMS rate
By Sarah Lizee
Olympia, Wash., March 26 – Goldman Sachs Group, Inc. priced $3 million of fixed-to-floating notes due March 26, 2023 linked to the 10-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3.5% a year initially, payable quarterly. Beginning on March 26, 2019, the rate will be equal to the 10-year CMS rate. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Goldman Sachs & Co. LLC 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 million
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Maturity: | March 26, 2023
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Coupon: | 3.5% initially; beginning on March 26, 2019, 10-year CMS rate, 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: | March 22
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Settlement date: | March 26
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Agents: | Goldman Sachs & Co. LLC and Incapital LLC
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Fees: | 1.3%
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Cusip: | 38150A6J9
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