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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
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Lucent Technologies Inc.
Extendible Commercial Notes
Red Hat, Inc.

Nippon Telegraph & Telephone
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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)

The Republic of Argentina

Noemí LaGreca, Financial Representative of Argentina in Washington, D.C.:

"We have been involved with Goldman Sachs since very early in Argentina's history as an active borrower in the international bond market. The year 1999 was an especially eventful period in our relationship. Early in the year, Goldman Sachs joint-lead managed a successful 10-year, billion-dollar offering for Argentina in the U.S. dollar market at a time of volatility and uncertain liquidity. A $500 million reopening of that same offering, also lead managed by the firm, followed.

Later in the year, Goldman Sachs assisted us in completing the first-of-its-kind bond issue under the World Bank's new policy-based guarantee program. We had two principal goals for this issue: to reach investment-grade investors–a group that had not previously been available to us–and to raise a significant amount of money.

Goldman Sachs proposed an innovative financing structure that allowed Argentina to leverage a $250 million World Bank guarantee into a $1.5 billion offering. With the backing of the World Bank, Argentina would be able to raise the credit rating of its bonds to investment-grade, and thereby attract high-grade investors. The firm was very active in discussions that led to Argentina's selection as the first beneficiary of the World Bank's new program and worked with the rating agencies to make sure the transaction received a rating that would attract high-grade investors."

  • The $1.5 billion partially guaranteed zero-coupon notes were the first of its kind under the World Bank's policy-based guarantee program.
  • Goldman Sachs joint-lead managed a successful $1.5 billion offering for Argentina in the U.S. dollar market.
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