SoCal Edison braves the storm

October 08, 2008 12:00 am

SoCal Edison launched a $500m note due 2014 on Tuesday despite the rout in equity markets. Of course, the new issue premium looked horrendous — about 100bp — but this has become pretty meaningless these days as secondary market liquidity is so poor. In fact, the yield was only 5.86%, which doesn't look so bad.

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