Goldman Sachs plans to sell at least $2 billion of new debt that will be guaranteed by the Federal Deposit Insurance Corp., with pricing expected Tuesday, a report says.

Goldman Sachs plans to sell at least $2 billion of new debt that will be guaranteed by the Federal Deposit Insurance Corp., with pricing expected Tuesday, Reuters reports.

The debt will mature no later than June 30, 2012, Reuters reports, citing a market source familiar with the sale. The new debt is expected to price at 85 basis points over midswaps, plus or minus 3 basis points, the source said.

The debt is guaranteed under the FDIC's Temporary Liquidity Guarantee Program, and investors are watching the deal as a test case for demand under the new program, according to Reuters

.

Goldman is expected to be the first firm to tap the FDIC's new program. The FDIC on Friday approved a program to guarantee to banks' new senior unsecured debt, potentially allowing the firms to issue debt with top "AAA" ratings.

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