PG&E Debt Trades in 80s as State Buys Power

  • 04 Mar 2001
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More than $20 million of Pacific Gas & Electric's paper traded in the mid- to high 80s as the state of California tries to pull the beleaguered utility away from bankruptcy. Dealers said this is one of the first trades of the bank debt in a while. Deutsche Bank was among those actively handling the paper. A market watcher observed, "There's been a lot of swaps, some default swaps, so there's a lot of trading." Meanwhile, the state has committed $10 billion to buy power for the companies' customers. "They seem to be trying to deal with that situation," a dealer said.

Last month the company announced it would default on most of its payments for December and January purchases. J.P. Morgan Chase leads several facilities totaling around $5 billion for Southern California Edison as well as several facilities totaling more than $3 billion PG&E.

  • 04 Mar 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 %
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  • Today
1 Citi 117,261.12 337 11.09%
2 Bank of America Merrill Lynch 94,721.79 272 8.96%
3 JPMorgan 92,612.23 269 8.76%
4 Wells Fargo Securities 82,597.19 239 7.81%
5 Credit Suisse 69,442.99 183 6.57%