SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

ESR Cayman, the integrated logistics real estate company backed by Warburg Pincus reported a strong set of results with profit after taxes and minority interest (PATMI) up 16.8% YoY to a record high of $286mn in FY2020. Revenues grew 8.7% YoY to $388mn in 2020 and its assets under management (AUM) grew 35.3% to an all-time high of $30bn. Their AUM at $30bn comes a year ahead of the target set. Balance sheet parameters also improved with cash of $1.5bn, a 71.4% increase from 2019 and net debt to total assets falling 3.4% to 23.2%. ESR’s Chairman Jeffrey Perlman said, “ESR has continued its strong momentum and delivered outstanding performance in FY2020… COVID-19 has actually accelerated one of the major secular trends underpinning our business – the growth of e-commerce where ESR is at the heart of the central nervous system delivering the core ‘new economy’ infrastructure to our best-in-class clients.” ESR Cayman’s bonds were stable with its SGD 5.65% Perp at 100.06, yielding 5.6%.

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