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 10,542 20 17.55
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.16
3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 79,222.71 230 11.49%
2 Bank of America Merrill Lynch 65,088.22 185 9.44%
3 Wells Fargo Securities 55,825.35 161 8.10%
4 JPMorgan 52,873.25 155 7.67%
5 Credit Suisse 44,197.08 113 6.41%