MARKETS SPECTATOR: Suncorp's sale triumph

Goldman's purchase of Suncorp's assets is one of last big post-GFC distressed loan portfolios sales, and looks like a 'win-win' deal for the parties.

Goldman Sachs’ restructuring and distressed debt crew may not get the plaudits of their higher profile M&A or IPO bankers. Nevertheless they have pulled off a coup. Today Suncorp said it sold corporate and property assets mostly in Queensland, Victoria and New South Wales, for about $960 million. Goldman Sachs paid approximately 60 cents in the dollar for the portfolio whose face value was $1.6 billion.

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