International Equity Underwriter: Goldman Sachs

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International Equity Underwriter: Goldman Sachs

Awards for Excellence 1997


Goldman Sachs has had an extremely busy year. The international equity highlight was the coordination and lead management of Deutsche Telekom's privatization, the largest ever at $11.4 billion. This was considered by many commentators to be the deal of the year. Other feathers in the Goldman cap included the UK's biggest IPO, for mobile-phone provider Orange, and the largest US IPO, for telecommunications company Lucent Technologies, worth $3.25 billion. The levels of oversubscription on Goldman deals suggest it is not just doing big deals but also very popular ones. It has also been active in equity-linked-instruments, having been involved in various ground-breaking transactions. Several deals were notable not just for their volume but also for their innovative structuring. These included a mandatory convertible for Daimler-Benz, the first ever issued by a European corporate, and the first sovereign exchangeable transaction - for Italy's INA - executed through a new equity product created by Goldman Sachs called a privatization exchangeable note. There are no signs of a slackening of the pace - in the coming year Goldman has been mandated to lead-manage deals worldwide.

Top tier Morgan Stanley Morgan Stanley continues to expand volumes and foster innovation.


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