Investor Presentaiton
Goldman Low Interest Rates
Sachs
How GS helps Investment Banking clients navigate the low rate environment
US Corporate Bond Market Growth ($tn)1
$3.0
+48%
$4.4
European Corporate Bond Market Growth (€tn)²
€0.7
+75%
€1.2
2008
2014
GS European HY Debt Underwriting Volumes
2010
+3.5x
2014
2008
2014
Significant opportunity in European bank
disintermediation
Growth in European corporate bond market
penetration to US levels would equate to an
increase of ~5 times 1,2
New EU leverage constraints and competitor
retrenchment have opened new opportunities
GS Europe HY Debt U/W rank averaged #3
from 2011 to 2014, up 4 spots from an average
of #7 from 2005 to 2010³
1 Source: Federal Reserve; represents non-financial corporate bond market. US corporate bonds represent 58% of US credit
2 Source: ECB. Represents non-financial corporate bond market in all countries in the European Monetary Union; EU corporate bonds represent 11% of EU credit
3 Source: Bloomberg
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