Goldman Sachs 2009 Annual Report Download - page 19

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17
THE BOEING COMPANY
SEATTLE AREA OF WASHINGTON STATE
In late 2008 and early 2009, as banks drastically curtailed lending
amid the weak economic environment, the traditional sources
of aircraft  nancing were not available to customers of Boeing,
the largest industrial exporter in the U.S. To solve this problem,
Goldman Sachs helped design a pioneering  nancing structure
drawing upon programs offered by the Export-Import Bank
of the United States (Ex-Im Bank), a government agency created
in 1934 to aid in  nancing exports and imports of goods
and services between the United States and foreign countries.
Based in Dubai, Emirates, one of the largest purchasers of Boeing
commercial aircraft in the world, engaged Goldman Sachs to
structure and execute the  rst Ex-Im Bank guaranteed bond,
raising $413.7million.
The solution that Goldman Sachs helped create marked the  rst
time that Ex-Im Bank had guaranteed a public bond offering,
instead of a loan. By tapping the deep and liquid global
capital markets and by targeting major institutional investors,
GoldmanSachs was able to achieve substantially better pricing
and much deeper capacity than was available in the traditional
bank markets.
The bene ts of this groundbreaking  nancing approach
stretched across continents; Emirates was able to expand its
eet and Boeing was able to sustain a high level of production
and satisfy the needs of a major customer. The sales of
commercial aircraft by Boeing provide work for many highly
skilledBoeing employees, mostly based in the Seattle area of
Washington State. This innovative use of public and private
nancing has now become a model for future transactions that
will support the competitiveness of U.S. companies — and their
employees — in world markets.
Our Work Enables Growth