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Its largest bond, a $3 billion note due in March 2034 with a coupon of 6.05 percent 694308GE1=, fell to a record-low bid price of 91.5 cents on the dollar and its yield rose to nearly 7 percent. Its yield spread over comparable Treasury debt, a measure of the additional compensation investors demand for holding PG&E bonds rather than a safer government bond, widened to a record 4.3 percentage points. It was the most actively traded corporate debt issue on the day, according to MarketAxess, while a PG&E December 2027 bond was the fourth most active.
Credit ratings for PG&E and its Pacific Gas & Electric unit were downgraded by the three main ratings agencies in mid-November, They now sit at one notch above junk-bond territory, Moody’s Investors Service, Standard & Poor’s and Fitch Ratings did not immediately respond to requests for comment on Monday, A bankruptcy claim, however, may not hurt the bonds in the long term, PG&E’s enterprise value, cufflink shirt a measure of the company’s worth that includes debt, is $32 billion, which would cover the $25 billion to $30 billion in claims from fires in the last two years without impairing the bonds..
Sources had told Reuters that a bankruptcy filing is not certain and the company could receive financial help through legislation that would let it pass on to customers costs associated with fire liabilities. But that is just a possibility, they said. “Without adequate political and regulatory support, we cannot rule out a Chapter 11 filing,” Christopher Turnure analyst at J.P. Morgan said in a note. However, Guggenheim Partners analyst Shahriar Pourreza said bankruptcy will not be the best option as PG&E is too big an utility in California.
(Reuters) - Amazon.com Inc (AMZN.O) and Netflix (NFLX.O) fueled a second straight session of gains on Wall Street on Monday, as the resumption of U.S.-China trade talks helped ease concerns that have pummeled the market in recent months, The benchmark S&P 500's .SPX advance added to a 3.4 percent surge on Friday, when strong U.S, jobs data eased worries over the economy and remarks by the Federal cufflink shirt Reserve head calmed investors nervous that interest rate hikes would crimp growth, Fears of a global slowdown have led to a sharp pullback in the markets over the last few months and in analysts’ estimates for corporate growth, But after hitting a 20-month low on Christmas Eve, the S&P has gained over 9 percent..
China has the “good faith” to work with the United States to resolve trade frictions, China’s Foreign Ministry said, while U.S. Commerce Secretary Wilbur Ross said he saw “a very good chance that we will get a reasonable settlement” as the two countries started their first face-to-face talks since a 90-day truce was agreed in December. “The main thing is the administration’s implied progress on talks with China. That’s something that the market sees as very important,” said Rick Meckler, partner at Cherry Lane Investments in New Vernon, New Jersey.
Nine of the 11 major S&P sectors rose, The consumer discretionary index .SPLRCD was the biggest gainer, jumping 2.36 percent, led by cufflink shirt a 3.44 percent rise in Amazon, That made Amazon Wall Street’s most valuable company at $797 billion, eclipsing Microsoft Corp’s (MSFT.O) market capitalization, which reached $784 billion following a 0.13 percent rise in its stock, Video-streaming service Netflix, the second-largest contributor to the S&P 500’s increase on Monday, climbed 5.97 percent..
Those companies and other high-profile technology and consumer stocks have rebounded after falling sharply in the final quarter of 2018. Much of Monday’s upbeat sentiment was an extension of Friday’s rally. “The news on Friday was positive, and market participants are now acting more confident, and that is feeding on itself,” said Tom Martin, a portfolio manager at Globalt Investments in Atlanta. The S&P energy index .SPNY gained 1.29 percent as oil prices rose on support from OPEC production cuts. [O/R].
The Philadelphia Semiconductor index .SOX, which includes many companies dependent on China for revenue, jumped 1.95 percent, The Dow Jones Industrial Average .DJI rose 0.42 percent to end at 23,531.35 points, while the S&P 500 .SPX gained 0.70 percent to 2,549.69, The Nasdaq Composite .IXIC added 1.26 cufflink shirt percent to 6,823.47, The Russell 2000 index of small companies rose 1.78 percent, bringing its gain over the past two sessions to 5.60 percent, The utilities .SPLRCU index dipped 0.71 percent, dragged lower by PG&E Corp’s (PCG.N) 22 percent slump, Reuters reported that the California utility is exploring filing for bankruptcy protection related to potential liabilities from wildfires..