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PG&E steers clear of distressed; China Evergrande, Sunac decline; Transocean, PBF rally
By Cristal Cody
Tupelo, Miss., Sept. 27 – PG&E Corp.’s bonds saw thin trading and few hits on Friday and Monday following the announcement the previously bankrupt power provider was charged with crimes in connection with a 2020 California wildfire.
PG&E’s 5% senior secured notes due July 2028 (B1/BB-/BB) were up about ¼ point on Monday at just under the 102 bid area after closing Friday less than ¼ point weaker, according to a market source.
“We haven’t seen much trading,” a source said. “They’re still strictly IG on the credit side, but it’s one the whole distressed community is familiar with.”
China Evergrande Group’s bonds declined further on Monday as the company enters a 30-day grace period following missed debt payments due last week, sources said.
China Evergrande’s 8¾% senior notes due 2025 (C/C/C) fell 1 5/8 points to 25 1/8 bid on $9 million of secondary volume.
Sunac China Holdings Ltd.’s 7% senior secured notes due 2025 (B1/BB-) dropped about 6 points to 81¼ bid.
In the oil and gas space, Transocean Inc.’s 7½% senior notes due 2031 (Ca/CCC) added nearly 2¾ points to hit 64¼ bid on over $7 million of supply Monday.
PBF Holding Co. LLC’s 6% senior notes due 2028 (Caa1/B/B+) rose almost 2 points to 65¼ bid.
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