Sunac China: The deal Goldman might want to forget

PRC property developer Sunac China’s aborted US dollar bond will probably go down as one of the messiest deals of the year.

At first, it was assumed that all three banks were equally culpable for the failed transaction. But market participants have pointed their fingers at Goldman Sachs, suggesting that the firm was more responsible than the rest for the deal falling apart.

Deutsche Bank, Goldman Sachs and Standard Chartered Bank were joint bookrunners on the trade. Among the three banks, Goldman Sachs was said to be closest to the client, which was described as being “difficult to handle”.

Apparently, at the heart of the failed transaction, was the presentation made at...