Awards for Excellence 2016
It would be wrong not to acknowledge the achievements of US banks. Goldman Sachs, in particular, stands out in the financing category. In equity capital markets, the number of year-defining transactions on which Goldman acted as global coordinator is overwhelming, whether in France, Germany, Italy, Spain or the UK. It was active in the IPOs of Amundi, Cellnex, Europcar, Scout24 and Worldpay; rights issues for Arcelor Mittal and Monte dei Paschi di Siena; LVHM’s convertible; and National Bank of Greece’s capital increase and debt-for-equity exchange.
It is not all about equity. Goldman Sachs’ investment-grade deals included: 30- and 100-year sovereign offerings; hybrids for Bertelsmann, Deutsche Börse and RWE; and inaugural deals for Cellnex and Deutsche Wohnen. It arranged bridge M&A financings for BT, Merlin Properties, Mylan, Saipem and Sysco.
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In high yield, it was bookrunner on LeasePlan’s buy-out bonds, sole bookrunner on three bonds in euros and krona for the Verisure buy-out and left-lead bookrunner on payment in kind notes issued for the buy-out of Italian payments firm ICBPI. In leveraged loans, it was bookrunner on term loan B deals for firms including Tele Columbus in Germany, Telenet in Belgium and David Lloyd in the UK.
The bank also boasts work in risk management, including corporate pension advisory, helping clients manage corporate bond illiquidity and even deal-contingent hedges for German Mittelstand firms. Finally, for the client that arguably defined the year, Goldman Sachs has raised more than $30 billion for Altice, including a €1.6 billion accelerated bookbuild in October, acting as sole hedging and financing counterparty in owner Patrick Drahi’s funding collar over 7.5% of the firm’s shares.
