California utility hits bond market in wake of law to ease wildfire risk

Southern California Edison has priced a $1.2bn dual tranche corporate bond offering after its credit ratings were placed on a firmer footing in the wake of a wildfire risk mitigation law.

  • By Richard Metcalf
  • 01 Aug 2019

The electric utility offered benchmark size first mortgage bonds with tenors of 10 and almost 30 years, with Bank of AmericaJP Morganand MUFGas bookrunners.

Initial price thoughts were in the area of 125bp over Treasurys for the 10 year and 150bp for the tap of SoCalEd's existing ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92,027.71 455 5.78%
2 Citi 84,450.96 433 5.30%
3 Bank of America Merrill Lynch 82,050.59 418 5.15%
4 Barclays 72,658.86 310 4.56%
5 Goldman Sachs 60,943.77 295 3.83%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Barclays 20,742.43 55 8.42%
2 BNP Paribas 16,618.78 95 6.74%
3 SG Corporate & Investment Banking 15,444.68 68 6.27%
4 Deutsche Bank 15,425.41 75 6.26%
5 Bank of America Merrill Lynch 14,210.20 46 5.77%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.05%
4 Barclays 3,441.80 22 6.67%
5 Goldman Sachs 3,389.62 26 6.57%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,847.11 143 9.43%
2 JPMorgan 18,279.02 147 9.15%
3 Goldman Sachs 14,831.56 109 7.42%
4 Bank of America Merrill Lynch 14,255.85 117 7.13%
5 Morgan Stanley 12,912.93 86 6.46%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 16,729.40 94 5.69%
2 SG Corporate & Investment Banking 15,447.25 71 5.26%
3 Barclays 15,378.47 64 5.23%
4 JPMorgan 15,198.08 67 5.17%
5 Citi 14,790.34 69 5.03%