Goldman Sachs

France’s investment banking market recovered strongly in 2025 but that doesn’t mean domestic banks are happy. The market is super-competitive and US firms are winning many of the best mandates

◆ Big year for Reverse Yankee bank issuance now tops €30bn ◆ Goldman back for first time since January ◆ Deal nearly 2.5 times subscribed

The US bank has won more market share in European IB than its rivals after overhauling its leadership and doubling down in the region’s biggest markets

Issuance was front-loaded into the first three days of the week in the FIG dollar market as issuers got ahead of Thursdays US non-farm payrolls report

Credit spreads widen on private credit concerns though technicals remain favourable

Despite widening of business development companies' spreads, technicals remain favourable for FIG issuance

Banker left US house and joined boutique in 2023

Bulge bracket firms are hiring from each other in a war for talent to woo financial sponsors

Bank intends to issue more hybrid capital but ‘more MDBs need to print’ for new asset class to grow further

◆ LatAm development bank adds to funding toolkit ◆ Patience is virtue as issuer waits out tariff storm ◆ Book ended up 6.4 times covered

◆ ADB, KBN, OeKB price bonds ◆ Spreads to Treasuries in the spotlight ◆ Big books for all

◆ 'Modestly-sized' first syndication for FY 2025-26 ◆ Size balanced for secondary performance and liquidity ◆ DMO aims for consistency and predictability