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Goldman Sachs plans fixed-to-floating notes with 2% initial rate
By Jennifer Chiou
New York, March 27 – Goldman Sachs Group, Inc. plans to price fixed-to-floating notes due April 2020, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2% for the first year. After that, it will be equal to the five-year CMS rate times 0.85, with a floor of zero.
The payout at maturity will be par.
The notes (Cusip: 38147QY59) will price and settle in April.
Goldman Sachs & Co. is the underwriter.
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