Goldman Sachs 2002 Annual Report Download - page 13

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Goldman Sachs has worked closely
with E.ON, the German-based power
giant, and its predecessor firms for
several years. Last spring, E.ON
wanted to take a new direction:
although the firm had not been an
active issuer of debt securities in the
past, it now sought the flexibility of
access to the public markets. Condi-
tions were less than ideal in mid-May,
and several other issuers chose to
postpone or restructure transactions.
Goldman Sachs believed E.ON could
come to market —and E.ON put its
trust in Goldman Sachs, the only U.S.
bookrunner in the offering.
Tapping into its deep investor
base, Goldman Sachs laid the ground-
work with an extensive marketing
effort that reached a large audience
of portfolio and asset managers. The
Goldman Sachs sales team then
focused on those managers who
demonstrated interest in E.ON and
appetite for its debut debt issue. The
result was a record-breaking €7.3
billion offering, and another step in a
long relationship between Europe’s
largest investor-owned energy service
provider and Goldman Sachs.
E.ON —NAVIGATING THE CHALLENGE OF ENTERING NEW MARKETS
FRANKFURT FIXED INCOME AND BANKINGLONDON FIXED INCOME
FRANKFURT FIXED INCOME