Goldman Sachs Group Inc
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Financials : Capital Markets | Large Cap Value
Company profile

The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services to a diversified client base that includes corporations, financial institutions, governments, and individuals. It operates through three segments: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. The Global Banking & Markets segment offers a range of services, including financing, advisory services, risk distribution, and hedging for its institutional and corporate clients. It facilitates client transactions and makes markets in fixed income, equity, currency and commodity products. The Asset & Wealth Management segment manages assets and offers investment products across various asset classes to a diverse set of clients. It also provides investing and wealth advisory solutions. Platform Solutions include consumer platforms, such as partnerships offering credit cards and point-of-sale financing, transaction banking and other platform businesses.

Day's Change
-0.96 (-0.30%)
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Today's volume of 245,395 shares is on pace to be much lighter than GS's 10-day average volume of 1,755,526 shares.


Charles Schwab raises $2.5 billion in bond offering amid surge in corporate-bond deals

2:58 pm ET May 18, 2023 (MarketWatch)

By Steve Gelsi

Schwab plans to use the proceeds for general corporate purposes

Charles Schwab Corp. (SCHW) on Thursday disclosed an investment-grade $2.5 billion bond offering as the corporate-bond market continues to pick up steam.

The brokerage firm on Wednesday offered $1.2 billion of 5.643% fixed-to-floating-rate senior notes due in 2029, as well as $1.3 billion of 5.853% fixed-to-floating-rate senior notes due in 2034.

In trading on Thursday, the bond spread tightened by three to five basis points from their new issue level, to about 205 basis points above five-year U.S. Treasurys, according to data provider BondCliq.

The tightening spread on the bonds is seen as a sign of health in the regional-bank space, sources said.

"They priced it right and they're holding their spreads and they're even three to five points tighter," a source said.

Bank of America Corp. (BAC), Citigroup Inc. (C), Credit Suisse Group AG , Goldman Sachs Group Inc. (GS), JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) are joint book-running managers on the Schwab debt deal.

Schwab plans to use the proceeds for general corporate purposes, including to make investments in subsidiaries and to support business growth.

Schwab's stock fell 1% on Thursday.

The offering comes a day after Pfizer Inc. (PFE) disclosed plans to raise $30 billion in debt, in a sign of liquidity and revived deal making on Wall Street.

Optimism around a debt-ceiling deal and an announcement from Western Alliance Bancorp. (WAL) that its deposits have grown by $2 billion in the second quarter continued to fuel gains in bank stocks early Thursday, after big gains in the previous session.

Investors have been pouring money into corporate bonds as a way to generate more yields than other asset classes, with that pattern expected to continue in the second half of this year, according to market observers.

As of May 17, this week has been the second-busiest of the year for new investment-grade corporate-bond issuance, with $57 billion, including the Pfizer deal, as issuers try to get deals done ahead of the debt-ceiling deadline and potential higher interest rates.

Also read: Fitch downgrades PacWest debt to junk status after deposit flight exceeds peers

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.


(END) Dow Jones Newswires

May 18, 2023 14:58 ET (18:58 GMT)

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