Goldman Sachs 2004 Annual Report Download - page 15
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offinance—
Unlocking assets
and opportunities.
I D E A S
TheGermangovernmentheldapproximately€14billionofParis
ClubdebtowedbyRussia.ThisRussiandebthadneverbeen
madeavailabletoinstitutionalinvestors.GoldmanSachsworked
withtheGermanMinistryofFinancetorepackage€5billionof
thedebtforsaleintothecapitalmarkets,enablingGermanyto
reduceitspublicdeficit,whileprovidinginvestorsaninnovative
waytoinvestinemergingmarkets.Theassetclassgaveinvestors
anewwaytogainexposuretodebtagreementsbetween
countriesundertheParisClubframework.
C A P I TA L
GoldmanSachsstructuredcredit-linkednoteswhoseperformance
wascontingentonRussia’sperformanceinpayingbackthe
loans.Theofferingcomprisedthreetranches,a€2billionthree-
yearfloatingratenote,a€1billionfive-yearfixedratenoteanda
$2.4billionten-yearfixedratenote.Theserieswaswellreceived
whenitcametomarketandcumulativelyrepresentedthelargest-
everemergingmarketnewissuetransactiondoneforcash.
PEOPLE
Overthecourseofseveralyears,GoldmanSachsandtheGerman
governmentdiscussedpotentialapproachestointroducingthe
ParisClubdebttothecapitalmarkets.Thesuccessfulstructuring
andplacementofthistransactionisareflectionofGoldman
Sachs’establishedpresenceinGermany,andanotherexample
ofourlong-standingfinancingworkfortheGermangovernment.
TeamsfromInvestmentBanking,theFinancingGroup,Credit
DerivativesandInstitutionalSalesinFrankfurt,LondonandNew
YorkworkedwiththeMinistryofFinanceandKfWBankengruppe,
thepromotionalbankoftheFederalRepublicofGermany,to
structurethenotes,minimizecreditriskandmarketthesecurities
toinvestors.
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GOLDMANSAC H S 2004 A N N U A L R E P ORT 1 3