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Koizumi, Goldman Sachs: “corporates have got excited about this new capital structure” |
Foreign houses that have international experience in structuring these complex instruments will have an early advantage, with bankers at several rival houses confirming the suspicion that Goldman Sachs did the bulk of the work on the Aeon deal, with co-lead Mizuho being less directly involved. The market is not taking off at the speed some had hoped for, however. Despite sustained pitching to companies that could benefit from the cheap equity credit that hybrids provide, no further deals have materialized.
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