Goldman Sachs 2012 Annual Report Download - page 14

12 Goldman Sachs 2012 Annual Report
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An emerging markets
company breaks new ground
Doric and Emirates’ historic financing was more than a standard
bond offering. It was a landmark deal that continues to help connect
growth market airlines and global investors, according to three
investment bankers who worked on the deal.
Q: With whom was the firm working?
Tilton: Three constituents: Doric, the leasing company; Emirates, the airline; and Airbus,
the manufacturer.
Q: What was the mission?
Al-Ali: To find a way for Doric to purchase planes, now that traditional lenders — European
banks — were increasingly difficult to tap. For Doric and Emirates, capital markets were
obviously the next step — particularly the U.S. market, the world’s largest and most liquid.
Q: What made this unique?
Tilton: The fact that we were dealing with so many firsts. The A380, the world’s largest
commercial aircraft, had never been financed in the United States before, and Doric, a
relatively new company, was an unknown there. Emirates, the ultimate user and credit,
had never raised money in the United States either, and the transaction would rely on
protections given by a special treaty in the United Arab Emirates that U.S. investors had
not relied on before. So we needed a solution that would overcome all the challenges.
A roundtable discussion
with Goldman Sachs
investment bankers
Radha Tilton,
Vice President, New York
Greg Lee,
Managing Director, New York
Ali Al-Ali,
Managing Director, Dubai
Opening
the door
to global
capital