Goldman Sachs delayed its first sale of Samurai bonds in four years after Moody’s Investors Service placed the bank under review for downgrade, a person with direct knowledge of the matter told Bloomberg.
Goldman pushed back the offering, which may have been as early as today, to at least Feb. 21, the person said, asking not to be identified because the information is private. The brokerage told investors it plans to raise the size of the sale to at least 60 billion yen ($759 million), from 50 billion yen, and will widen the proposed yield premium, the person said.
The five-year sale would make it the busiest start to the year on record for the market for yen-denominated notes issued by overseas borrowers, according to data compiled by Bloomberg. A taxation rule change next month may make it more difficult for U.S. borrowers to sell Samurai bonds. Moody’s said Goldman Sach’s rating may be cut by two grades, which would lower it to A3, the seventh-highest level…
Find out more at http://www.bloomberg.com/news/2012-02-17/goldman-said-to-postpone-five-year-samurai-bond-sale-to-feb-21.html
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