While we don’t cover $1,000/shares issues it is noted that Goldman Sachs (GS) will sell a new preferred.
This is a Fixed-Rate Reset preferred. This is interesting as we have seen a number of Fixed-Rate Reset preferreds this year.
The way the fixed-rate reset issues work is that they will have a fixed rate for a number of years (in this case until 2/2025) after which it will reset every 5 years at the 5 year treasury rate, plus a fixed spread.
Currently there are no plans by the company to list this issue.
The preliminary prospectus is here.
mcg pointed this issue out.