Awards for Excellence 2002
Goldman Sachs
In the past 12 months the world’s largest short-term debt market, the US commercial paper market, has shrunk considerably as the credit ratings of many corporate issuers fell. Most US money market funds are bound by strict investment guidelines that limit the amount they can invest in lower-rated names.
Goldman Sachs, the leading dealer in the US market – closely pursued by Lehman Brothers and Merrill Lynch – responded to this in several ways.
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