| Headline: Goldman Sachs Source: Euromoney Date: July 2001 Author: Peter Lee The world’s best short-term debt house The US commercial paper market and the Euro-commercial paper market were, until recently, quite separate, making global awards in this category impracticable. The US market was dominated by the leading investment banks, notably Lehman Brothers and Goldman Sachs, which specialized in placing corporate paper with huge money-market mutual funds. Europe was a fragmented series of national markets where large national funds bought local-currency issues or dollar paper currency swapped. Leading intermediaries included more commercial banks, such as Citigroup and Deutsche, as well as Lehman and Goldman. Other banks and investment banks came and went as dealers. Since the introduction of the European single currency, the Euro-CP market has grown markedly. Large funds across the continent found themselves able to buy a broad range of issues in their home currencies. That’s paved the way for the latest development: global CP programmes. “We think that one of the key advantages we bring to clients in the money-market business is that we’re one of the very few firms that has dominant positions in all the regions, across the US and Europe and with strong distribution in Asia,” says John Willian, head of global money markets at Goldman Sachs. |