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Bond Market News
GLP’s Dollar Perps Rally by Over 2.5 Points on Ares Deal
October 9, 2024
Dollar perps of GLP China rallied by over 4% after Ares Management Corp. agreed to buy its operations outside of China. Ares will first pay ~$3.7bn for GLP Capital Partner’s fund management business in Japan, US, Europe, Brazil and Vietnam. This would include $1.8bn in cash and $1.9bn in stock. This will be alongside an additional earn-out provision of up to $1.5bn if certain performance goals are met. This could benefit GLP’s liquidity and also allow it to repay its $1bn 3.875% 2025s, as per Bloomberg Intelligence analysts.
GLP’s 4.5% Perp and 4.6% Perp were up 2.7 and 2.5 points, to 70.1 and 68.9 cents on the dollar respectively.
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