Goldman Sachs 2003 Annual Report Download - page 26

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THE PEOPLE’S REPUBLIC OF CHINA
Goldman Sachs helped the Ministry of Finance
of the People’s Republic of China execute a
landmark global financing that showcased China’s
strong credit profile, broadened its investor
base and achieved the lowest coupon ever for a
U.S. dollar offering by the government of China.
The success of the $1 billion offering, as well
as the Moody’s foreign currency credit rating
upgrade that coincided with it, underscored confi-
dence in China’s long-term growth prospects and
stability. Goldman Sachs served as credit rating
advisor to the Ministry of Finance and acted as
joint book-running lead manager on the bond issue.
WE HELP SOCIETIES USE THEIR IDEAS AND CAPITAL TO MOVE FORWARD.
The capital markets and our activities can have a significant impact on societies and their economic and social
progress. This past year, Goldman Sachs executed offerings for several nations, including Austria, Brazil,
China, Italy, Korea, Portugal, Turkey and the United Kingdom, helping the governments of these countries
to fund important national commitments. By also supporting the private sector and innovative businesses,
we contribute to important societal changes, stimulate meaningful growth and create greater opportunity.
“Many Asian capital markets are in the early stages of development,
and we’re participating in the creation, formation and structuring of those markets.
If these markets are set up in exactly the right way, it will be to
the enduring benefit of Korea, Asia and ultimately the global economy.”
chan-keun lee, investment banking, seoul