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Goldman Sachs did not just lead more equity-linked issuance than any other bank – it drove issuance too. The use of its own capital helped ensure the bank was on top once again and is IFR’s Americas Structured Equity House of the Year.
Hudson’s Bay Company’s acquisition of luxury department store Saks was savvy to say the least. In what was a hotly-contested purchase, the iconic Canadian retail company padded its US$2.9bn financing package with upfront equity commitments from cornerstone investors, allowing it to push sizing while limiting pro forma combined leverage.
Liberty Media is a company that takes as much as it can. Notorious for plying investment bankers for ideas, and paying little in return, the media conglomerate focused its funding efforts in 2013 on the convertible bond market with a series of financings. The capstone to those efforts was a US$1bn, 30-year senior unsecured CB that pushed the threshold on pricing, size, and structure.
- US Equity House: Goldman Sachs
- US Structured Equity House: Goldman Sachs
- US Structured Equity Issue: Liberty Media’s US$1bn CB
- Apollo Global floods market with supply
- Hilton checks in US$2.4bn IPO
- Investment-grade companies eye CBs
- Nvidia rewards shareholders with CB