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   Opportunities (Asia) Fund
Telstra Corporation Limited
Repsol YPF
Central States Southeast and
    Southwest Areas Pension Fund
Duke-Weeks Realty Corporation
Kookmin Bank


Lincoln Financial Group UK
EOG Resources, Inc.
Juniper Networks, Inc.
China Telecom (Hong Kong) Ltd.
Vivendi S.A.
Sumitomo Bank, Limited
The Allstate Corporation


Global Crossing Ltd.
Swiss Reinsurance Company
Goldman Sachs Funds
AstraZeneca PLC
Lucent Technologies Inc.
Extendible Commercial Notes
Red Hat, Inc.

Nippon Telegraph & Telephone
   Corporation (NTT)
The Republic of Argentina
United Pan-Europe
   Communications N.V. (UPC)
Vodafone AirTouch PLC
Charter Communications, Inc.
Exchange Fund Investment, Ltd
Internet Initiative Japan Inc. (IIJ)

Swiss Reinsurance Company

Dieter Enkelmann, Corporate Financial Management, Investor Relations:

"We wanted to take advantage of some of our company's equity assets to raise capital and reduce funding costs. We were open-minded about how to accomplish this and were quite willing to look at innovative solutions. Goldman Sachs suggested a "triple-play" exchangeable bond. This strategy allowed Swiss Re to achieve a very low coupon in exchange for offering investors the right to purchase from our company the stock of either Swiss Re or one of two other companies in our investment portfolio. The response was very positive. We were able to sell the bonds at a 40 percent premium, which was much higher than could have been obtained with a conventional exchangeable bond. The structuring, marketing and selling skills of Goldman Sachs were key to executing this highly effective, tailored solution."

  • This $530 million triple play exchangeable bond offering was the first offering of its kind, structured to appeal to a broad range of investors by providing them with the option to exchange bonds into any one of three different companies.
  • The transaction was designed specifically to fit complex asset/liability considerations of a financial institution like Swiss Re.
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