By Rebecca Melvin and Cristal Cody
New York, March 2 – Goldman Sachs Group Inc. priced $7 billion in a six-tranche offering of three tranches of fixed-to-floating rate notes and three tranches of floating-rate notes on Monday, according to a market source.
The bank priced $450 million of two-year floating-rate notes at par to yield SOFR plus 43 basis points and a $700 million tranche of 0.523% fixed-to-floater notes due March 8, 2023 at par with a Treasuries plus 40 bps spread.
The fixed-to-floaters were talked in the Treasuries plus 55 bps area.
Goldman Sachs priced $700 million of three-year floating-rate notes at par to yield SOFR plus 58 bps and a $1.75 billion of 0.673% fixed-to-floating rate notes due March 8, 2024 at par with a spread 55 bps over Treasuries.
The fixed-to-floaters were initially talked at the Treasuries plus 70 bps area.
The issuer sold $400 million of six-year floating-rate notes at par to yield SOFR plus 81 bps and $3 billion of 1.431% fixed-to-floating rate notes due March 9, 2027 at par with a Treasuries plus 73 bps spread.
The six-year fixed-to-floaters were initially talked at the Treasuries plus 90 bps area.
The fixed-to-floaters will initially have a fixed coupon and then an interest rate based on SOFR.
Goldman Sachs & Co. LLC is the bookrunner.
Goldman Sachs Group is a New York-based banking, securities and investment management company.
| Issuer: | Goldman Sachs Group Inc.
|
| Issue: | Floating-rate and fixed-to-floating rate notes
|
| Amount: | $7 billion
|
| Pricing date: | March 1
|
|
|
| Floaters due 2023
|
| Amount: | $450 million
|
| Maturity: | March 8, 2023
|
| Coupon: | SOFR plus 43 bps
|
| Price: | Par
|
| Yield: | SOFR plus 43 bps
|
|
|
| Fixed-to-floaters due 2023
|
| Amount: | $700 million
|
| Maturity: | March 8, 2023
|
| Coupon: | 0.523% initially; converts to a floating rate after the fixed-rate period
|
| Price: | Par
|
| Spread: | Treasuries plus 40 bps
|
|
|
| Floaters due 2024
|
| Amount: | $700 million
|
| Maturity: | March 8, 2024
|
| Interest: | SOFR plus 58 bps
|
| Price: | Par
|
| Yield: | SOFR plus 58 bps
|
|
|
| Fixed-to-floaters due 2024
|
| Amount: | $1.75 billion
|
| Maturity: | March 8, 2024
|
| Coupon: | 0.673% initially; converts to a floating rate after the fixed-rate period
|
| Price: | Par
|
| Spread: | Treasuries plus 55 bps
|
|
|
| Floaters due 2027
|
| Amount: | $400 million
|
| Maturity: | March 9, 2027
|
| Interest: | SOFR plus 81 bps
|
| Price: | Par
|
| Yield: | SOFR plus 81 bps
|
|
|
| Fixed-to-floaters due 2027
|
| Amount: | $3 billion
|
| Maturity: | March 9, 2027
|
| Coupon: | 1.431% initially; converts to a floating rate after the fixed-rate period
|
| Price: | Par
|
| Spread: | Treasuries plus 73 bps
|
|
|
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