News for Goldman Sachs
Mar 2 · 11:12:00 AM
Bloomberg reports that Goldman Sachs is tapping demand that’s driven their borrowing costs to the lowest level in almost five years. The company issued $2 billion of bonds at a yield premium 44 % less than the last time it sold similar-maturity debt.
What a difference a year makes. Goldman sold the 5.375 % 10-year notes, priced to yield 5.493 percent, or 190 basis points more than Treasuries. Last May however, according to Bloomberg, Goldman paid a spread of 337.5 basis points.
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by Jerry Byrne
Feb 23 · 8:43:00 AM · Source: Fox Business
Months after being labeled, among other things, a blood-sucking “great vampire squid” that caused “every major market manipulation since the Great Depression,” Goldman Sachs (GS: 156.75, n.a., n.a.%) is reportedly turning to a well-connected Texas public-relations firm to rehabilitate its image.
According to the New York Post, Goldman is using Public Strategies, a firm headed by former George W. Bush and Karl Rove confidant Dan Bartlett, to gauge the bank’s “perception in the marketplace.”
Well that didn’t take long. How funny, only minutes after my previous post about Wall Street PR machines, did this come out from Fox Business news. Short of giving just about all their bonus money to charity, I don’t know how Goldman is going to spin this one. "Perception in the marketplace?" Everyone hates them, that's their perception. GS currently trading @ $156.75 in the pre-market. I wouldn't touch it. Stay tuned.
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by Jerry Byrne
Jan 1 · 2:28:00 PM · Source: Bloomberg
Goldman Sachs won the biggest share of the $923 million in fees from U.S. initial public offerings in 2009, while Citigroup Inc. fell out of the top five after its revenue plummeted more than 50%.
Goldman Sachs made $191.6 million helping take 16 companies from Hyatt Hotels Corp. to Cobalt International Energy Inc. public in 2009, an increase of more than 60 percent from 2008, preliminary data compiled by Bloomberg show. Citigroup’s share of fees dropped to $68.3 million, making the New York-based lender the only underwriter that participated in at least $1 billion worth of sales to suffer a decline in revenue.
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by Michael Oliveto
Jan 1 · 2:25:00 PM · Source: Bloomberg
A unit of Goldman Sachs bought about $57 million in claims on bankrupt Lehman Brothers Holdings Inc. from Japan’s Shinkin Central Bank, according to court filings.
The claims consist of Yen-denominated bonds issued by Lehman with fixed and floating rates, which have matured or come due next year, according to the filings yesterday in U.S Bankruptcy Court in New York.
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by Michael Oliveto
Jan 1 · 2:24:00 PM · Source: American Banking News
Goldman Sachs has filed for regulatory approval with the U.S. Securities and Exchange Commission to launch market-tracking indexes for several emerging markets.
The first ETF from Goldman Sachs will focus on the top 85 percent of companies as measured by market value in China, India, Brazil and Korea, according to the filing. The index itself will be created by an unnamed company not connected to Goldman Sachs.
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by Michael Oliveto
Jan 1 · 2:22:00 PM · Source: Business Week
Shenzhen Nanshan Power Co., a utility based in the southern Chinese city, said it refused demands by a Goldman Sachs Group Inc. unit to pay $80 million for alleged default on oil-hedging contracts.
Shenzhen Nanshan and Goldman Sachs disagreed on the cause for terminating the contracts in December 2008 and it remains to be determined which party should incur the trading losses, the Chinese firm said in a stock exchange statement today. Shenzhen Nanshan said that while negotiations with Goldman Sachs' Singapore unit are continuing, it won't rule out the possibility of legal action.
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by Michael Oliveto
Dec 10 · 1:05:00 PM · Source: Market Watch
Market Watch is reporting that Goldman Sachs' management committee will be receiving bonuses in the form of "shares at risk" in 2009 instead of cash. The shares cannot be sold for five years. Shareholders will also have an advisory vote on the compensation package at the firm's annual meeting in 2010.
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by Rich Pike
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