Quote from WSJ:
The department is expected to tap PJT Partners Inc., Moelis & Co. and Perella Weinberg Partners for help with the airline portion of the $2 trillion stimulus bill, according to people familiar with the matter. Each bank is likely to advise on aid to one of three subsectors: commercial airlines, cargo carriers and firms critical to national security, such as Boeing Co., the people said.
Thoughts? Obviously the BBs are conflicted out, but seems like a big coup for Perella. Would be interested to know what kind of fees the government is paying.
Where's evercore / lazard / guggenheim / HL?
Perhaps has to do with Evercore and Lazard's ties to the democratic party/the political leanings of the big cheeses at those banks. I believe Lazard had a similar mandate advising the Obama admin re auto mfrs in 08/09ish.
I'm not an RX guy, but keep in mind these government assignments, while high profile, tend to pay lower fees than the private sector and have a heightened level of public scrutiny
I've heard anecdotally that there is so much RX business right now that all the tier 1 shops are selectively picking their spots and turning down huge capital stack opportunities due to lack of time/resources. EVR/LAZ/HL etc could be occupied
If you think PJT / Moelis / PWP have excess capacity relative to EVR / LAZ / HL right now or that any of the latter three turned down a mandate of this caliber, you're mistaken. This is a franchise building cred, regardless of fees.
The mandate decision ultimately came down to relationships as the poster above referenced.
PJT- passenger airlines
Moelis- Cargo airlines and contractors
PWP- NatSec companies