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 Bank of America Merrill Lynch (BAML) 1,284 2 30.09
2 Barclays 633 1 14.82
3 BNP Paribas 509 1 11.91
4 Citi 467 1 10.94
5 Morgan Stanley 455 1 10.66

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,235.10 31 12.19%
2 Barclays 7,853.42 22 10.36%
3 Bank of America Merrill Lynch 7,473.95 24 9.86%
4 JPMorgan 7,225.34 25 9.54%
5 Wells Fargo Securities 6,258.35 24 8.26%