PG&E Debt Moves Up As $50 Mln Changes Hands

  • 07 Oct 2001
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Pacific Gas & Electric's bank debt moved up to the 86-87 context, trading up from the 82 1/2 range. An estimated $50 million traded over the week. Dealers said the uptick in levels is a result of energy prices going down. "The problem was there was a one-time spike in natural gas prices with a regulated end-user price," explained a dealer. With the state now managing the purchasing of energy, it's allowed a raise in end-user rates, meaning the costs have gone up to the consumer. Pacific Gas & Electric is a utility company based in San Francisco.

Questions to Peter Darbee, cfo, were referred to spokeswoman Erica Jacobs, who did not return calls. PG&E's debt traded into the 69-70 range early last summer as dealers noted a recovering energy crisis (LMW, 7/8). Dealers also noted last week that the company was undergoing a restructuring plan that would give holders a 110% recovery plus accrued notes.

 

  • 07 Oct 2001

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 20,542.69 67 10.85%
2 JPMorgan 18,820.53 50 9.94%
3 Bank of America Merrill Lynch 17,976.22 56 9.49%
4 Wells Fargo Securities 16,568.24 48 8.75%
5 Barclays 13,499.53 45 7.13%