<B>BEST FIRM FOR EQUITY LINKED</B>
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<B>BEST FIRM FOR EQUITY LINKED</B>

Headline: BEST FIRM FOR EQUITY LINKED
Source: Euromoney
Date: July 2000

Goldman Sachs

The convertibles market has seen some innovative issues recently and Goldman Sachs has been at the centre of the most interesting ones. The Allianz deal was the first to ofer event risk protection and as a result, according to Jim Ziperski, head of convertibles for Goldman Sachs in London, it sparked a very positive reaction.

"The market has been clamouring for this for years and Allianz was the first to put this protection in their note," says Ziperski. "It was a hallmark transaction from the standpoint of an issuer recognizing a need and desire on one part of the market, actually acting on it and getting paid for it."

Another piece of innovation involved Swiss Re. "It was a triple play bond, the first of its kind," says Ziperski. "It was really an exchangeable issued by Swiss Re which could be exchangeable to any one of three stocks at the option of the holder."

Ziperski says investors were prepared to pay a much higher premium and were willing to accept a much lower coupon on the deal.











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