Good evening,

Two weeks after Macquarie‘s garbo Bingo Industries sunk deeper into the junk bond territory, pieces of it have washed up on distressed debt funds’ doorsteps just like S&P predicted.

Street Talk can reveal a handful of sharp-nosed credit funds in Sydney have in recent days fielded approaches from New York’s Cantor Fitzgerald, which is asking for bids for a $100 million-plus parcel of Bingo debt. While Cantor did not disclose the seller’s identity or get into the nitty-gritty on pricing, sources suggested it was likely fronting for a US lender in Bingo’s stack including CLOs (collateralised loan obligations).

Sources suggested the Cantor Fitzgerald client could have to sell at about 70¢ in the dollar after being downgraded to CCC+. Although $100 million is a relatively small parcel, it could set a new price marker for Bingo’s debt which Street Talk last spotted changing hands near the 80¢ mark in mid-December.

Read the full story tomorrow and more on the Street Talk page.

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