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Best short-term debt house

Goldman Sachs

Several banks have strong short-term debt franchises. Deutsche Bank, for example, is very impressive in Europe, and Merrill Lynch does a lot of business in the US. But Goldman Sachs still has by far the most consistent commitment to the full range of short-term debt products on a global basis.

It has global outstandings of $180 billion in straight CP and was the number one ranked CP dealer on TradeWeb for the full year in 2003 and the first quarter of 2004.

?We?ve been fortunate in having been involved in some of the most innovative ideas this year,? says John Delaney, head of European money markets origination at Goldman Sachs. ?For instance, we worked on the introduction of extendible ABCP in the euro market in 2004 with a new extendible tranche of funding for ABN Amro. The extendible nature of the note means that the issuer can optimise its use of back-up liquidity. We?re also the only non-Japanese dealer on GECC?s ¥200 billion [$1.86 billion] Japanese CP programme and we have been effective in distributing those notes.?

There have also been innovative new developments in Goldman?s repo business over the past 12 months.

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