By Jennifer Chiou
New York, Nov. 12 - Goldman Sachs Group, Inc. priced $11 million of callable quarterly CMS spread notes due Nov. 13, 2023 linked to the 30-year Constant Maturity Swap Rate and the five-year CMS rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 8% for the first year. After that, it will be 4 times the spread of the 30-year CMS rate over the five-year CMS rate minus 20 bps, up to a maximum interest rate of 9% per year. Interest is payable quarterly and cannot be less than zero.
The payout at maturity will be par.
The notes are callable at par plus accrued interest on any interest payment date beginning on May 13, 2014.
Goldman Sachs & Co. is the underwriter.
| Issuer: | Goldman Sachs Group, Inc.
|
| Issue: | Callable quarterly CMS spread notes
|
| Underlying rates: | 30-year Constant Maturity Swap and five-year CMS rate
|
| Amount: | $11 million
|
| Maturity: | Nov. 13, 2023
|
| Coupon: | 8% for first year; after that, 4 times CMS spread minus 20 bps, capped at 9% and floor of zero; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Call option: | At par on any interest payment date beginning on May 13, 2014
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 13
|
| Underwriter: | Goldman Sachs & Co.
|
| Fees: | 3.404%
|
| Cusip: | 38147QQ25
|
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