Goldman Sachs Investment Banking

“There’s a little bit of indigestion in the market right now, but in general, we feel really good about the health of the broadly syndicated loan market.” Last week, Christina Minnis, head of global credit finance and global acquisition finance, joined Bloomberg’s Invest Summit to discuss the state of the financing market, the uptick of take-private activity despite valuation challenges, and how the private credit market has been a significant growth engine in the capital markets. Watch her full session: https://lnkd.in/eNGXNtHg

Last week, Goldman Sachs held the second French Disruptive Tech Symposium at our Paris office, gathering over 300 clients, founders and CEOs of tech-enabled French companies for a day of fireside chats, panel discussions and investor meetings. We discussed everything top-of-mind in the tech space: the evolving role of tech CFOs, insights on tech valuation and funding trends, innovations in energy transition and cybersecurity—and of course, the AI revolution. A special highlight for attendees? A dedicated space set up to showcase the cutting-edge advancements across seven early-stage AI companies. Thank you to all who attended and contributed to the success of our second symposium!

On April 30th, Puig joined the Spanish Stock Exchanges with its €3 billion IPO. Founded in 1914, Puig is a leading player in the premium fragrance and fashion, makeup, and skincare segments. Its landmark listing is the largest-ever EMEA Consumer IPO and the largest IPO globally since September 2023. We are honored to have acted as joint global coordinator.

Financing activity in healthcare has picked up steam over the last few months, driven by a more constructive macro backdrop and improved risk appetite. Since the beginning of May, healthcare issuers have represented more than $7 billion of the $40 billion in equity capital markets volumes across IPOs, follow-ons, and converts.

“Goldman Sachs invests in its people, it gives you new challenges all the time. If you take a long-term view with this firm, it takes a long-term view with you.” – co-head of Global Banking & Markets Dan Dees during this year’s summer intern welcome orientation. Our campuses around the globe are now buzzing with the energy of our 2024 summer analyst and associate classes. This year’s cohort of over 2,600 interns represent 475 universities that will bring a breadth of backgrounds and experiences to 45 offices across the firm. We’re honored and excited to welcome such a fantastic group of individuals with fresh perspectives, new ideas, and a drive to learn, grow and have fun. Here’s to a fantastic summer!

"As far as rates are concerned...there are three of four [election] outcome scenarios that likely create upward pressure on yields in the US, so when I think about the three major policies that can do that, it's fiscal policy...trade policy and immigration policy." This week, Jonny Fine, head of Global Investment Grade within the Financing Group, joined CNBC's Squawk on the Street to discuss the political and geopolitical uncertainty ahead and potential policy implications for the markets. In a year of global elections, he notes that corporates have exercised risk management to prepare for various electoral outcomes, with eyes on the current European market environment and US election later this year. Watch the full interview 👇

The first half of 2024 has demonstrated a strong start for the private markets, providing more opportunities for issuers across regions to access capital for growth, secondaries, and acquisitions. Supporting the market activity: improving market sentiment, the use of structured capital as an alternative to straight equity, and an increase in secondary transactions for employees and existing shareholders.

In the latest episode of #GSExchanges, Investment Banking’s Mike Nickols and Gina Lytle join host Allison Nathan, and Alex Blostein from GS Research to discuss how private equity firms are navigating the dealmaking environment. Listen to the full episode: https://lnkd.in/epSBi7Pr

On May 10, ZEEKR International joined the NYSE with its $507 million IPO. 🚗 As a fast-growing battery electric vehicle company, Zeekr’s public market debut is the largest China ADR IPO since July 2021 and the largest China IPO priced YTD. We are honored to have served as lead left bookrunner.

Equity capital markets (ECM) issuance rose in May to $57 billion globally as investor appetite continued to grow. What fueled the pickup? Active IPO and convertible markets, plus an uptick in sponsor activity—driving $6.6 billion in sponsor monetization via US-Listed ECM issuance during the month. 📈