The past year posed extraordinary financing challenges for the world’s corporates. However, the political and economic conditions they faced also created an opportunity for creative banks to thrive.
Many corporates were facing a pressing need to de-lever pandemic build-ups on their balance sheets, while equity markets were hit by the challenges of geopolitical and financial volatility and rising global interest rates. What might have been a series of relatively straightforward IPOs and follow-ons became a succession of strategic and tactical puzzles.
In this environment, Goldman Sachs stood out – its reputation for creativity and flexibility proving the differentiator for both winning mandates and executing crucial equity raises around the world.
“The 12 months that followed from Russia’s invasion of Ukraine to the problems around SVB [Silicon Valley Bank] and US regional banks in March 2023 were very challenging for corporate issuers,” says Beth Hammack, co-head of the global financing group in the investment banking division of Goldman.