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NEW YORK (Reuters) - Bonds of PG&E Corp (PCG.N), owner of the biggest U.S. power utility by number of customers, plunged on Monday after the company said it is preparing to file for Chapter 11 bankruptcy protection as it faces liabilities linked to wildfires in California. Nearly all of PG&E’s roughly $18 billion of bonds were trading sharply lower, sending their yields, which move in the opposite direction, to record highs. The largest drops were concentrated in shorter maturities, implying that the market continues to price in some expectation of recovery.
The biggest moves were in bonds maturing in May 2021 694308GV3= and September 2021 694308GW1=, which both fell by nearly 8 points red and gold cufflinks in price, and the October 2020 694308GT8= bond, which was down by 6.6 points, Their yield spreads, or the measure of the additional yield demanded by investors to hold riskier corporate bonds over safer U.S, Treasury securities, shot to 11.16, 10.04 and 12.35 percentage points, respectively, That is significantly higher than the 4.5-percentage point average spread of high-yield notes over Treasuries, according to the relevant ICE BofAML indexes..
“There’s no real money selling at the long end, reflecting the expectation that there is recovery value. The short end is under a little more pressure and bonds are down about 1 point,” said an investor who asked to remain anonymous because of their active position in the bonds. “Bonds will now likely avoid hitting the high-yield market which will make the high-yield investors happy and when the company returns to market after bankruptcy, they should have access. Again, for now, a decent recovery is being priced into the bonds and we are not seeing forced selling right now.”.
Buying and selling at the short end, however, has been significant enough to push trading volume of the bonds in aggregate to their third-highest day in the last two years, according to data from MarketAxess, PG&E issues were the top four most-traded U.S, corporate bonds on Monday, MarketAxess data showed, of which the most actively traded was red and gold cufflinks a $3-billion note coming due in March 2034 694308GE1=, The price of the 2034 bond has dropped 8.4 percent in the past week, with yields up 13.5 percent, Seven of the top 10 most traded belong to PG&E..
(Reuters) - Newmont Mining Corp said on Monday it would buy smaller rival Goldcorp Inc for $10 billion, creating the world’s biggest gold producer in the face of dwindling easy-to-find reserves of the precious metal. The transaction, the biggest ever takeover in the gold sector according to Refinitiv, follows Barrick Gold Corp’s agreement in September to buy Randgold Resources Ltd in a deal valued at $6.1 billion. “Combining forces will give us the sector’s best project pipeline and exploration portfolio,” Newmont Chief Executive Gary Goldberg said on a conference call with analysts. “These prospects translate to the gold sector’s largest reserve and resource base.”.
Vancouver-based Goldcorp’s red and gold cufflinks Toronto-listed shares rose 7 percent to C$13.75 at 12:03 p.m, ET (1703 GMT), Newmont Mining’s shares were down about 8.8 percent at $31.83 in New York, In recent years, investor criticism over inadequate management of capital had largely kept gold companies focused on costs while dampening enthusiasm for acquisitions, But the need to bolster shrinking reserves and production and a rising gold price are now serving as catalysts for increased dealmaking, Spot gold prices are up 11.3 percent since an August trough, when they had declined 15 percent from a January 2018 peak..
Newmont’s acquisition of Goldcorp could spark further consolidation in the industry, where too many gold companies are chasing too few assets, Michael Siperco from Macquarie Research said. He did not specify which companies are most likely to follow suit. The new company, to be called Newmont Goldcorp, is set to overtake current leader Barrick Gold’s annual production and will have mines in the Americas, Australia and Ghana. “This transaction is positive for Newmont, because it establishes it as the world’s leading gold producer with a deal that is accretive on nearly all key metrics,” analysts at Scotiabank wrote in a note.
The new company will be led by Newmont’s Goldberg, He will retire at the end of 2019, when Tom Palmer, Newmont’s chief operating officer, will take over as the CEO, the companies said, Denver, Colorado-based Newmont expects savings of $100 million a year, The combined company will sell $1 billion to $1.5 billion worth of assets over the next two years as part of the deal, mirroring a similar move by Barrick when it announced the Rangold acquisition, The new company is expected to produce 6-7 million ounces of gold annually over the next 10 years and beyond versus Barrick’s 2018 forecast of between 4.5 million and red and gold cufflinks 5 million ounces..