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 BNP Paribas 14,443 29 18.07
2 Bank of America Merrill Lynch (BAML) 8,264 27 10.34
3 Lloyds Bank 7,329 24 9.17
4 Citi 6,748 19 8.44
5 JP Morgan 5,220 8 6.53

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 117,261.12 337 11.07%
2 Bank of America Merrill Lynch 94,721.79 272 8.94%
3 JPMorgan 92,612.23 269 8.74%
4 Wells Fargo Securities 82,597.19 239 7.80%
5 Credit Suisse 69,442.99 183 6.55%