{"id":316448,"date":"2021-08-06T03:49:00","date_gmt":"2021-08-06T00:49:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/market-extra-pges-corporate-bonds-take-a-lashing-as-dixie-fire-rages\/"},"modified":"2021-08-06T03:49:00","modified_gmt":"2021-08-06T00:49:00","slug":"market-extra-pges-corporate-bonds-take-a-lashing-as-dixie-fire-rages","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/market-extra-pges-corporate-bonds-take-a-lashing-as-dixie-fire-rages\/","title":{"rendered":"#Market Extra: PG&amp;E\u2019s corporate bonds take a lashing as Dixie Fire rages"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41311a35183\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41311a35183\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/market-extra-pges-corporate-bonds-take-a-lashing-as-dixie-fire-rages\/#PG_E_bonds_get_lashing_as_Dixie_Fire_grows\" >PG&amp;E bonds get lashing as Dixie Fire grows<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/market-extra-pges-corporate-bonds-take-a-lashing-as-dixie-fire-rages\/#Joy_Wiltermuth\" >Joy Wiltermuth<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Market Extra: PG&amp;E\u2019s corporate bonds take a lashing as Dixie Fire rages<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000364629\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000364629\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       The Dixie Fire in Northern California, already ranking as the state\u2019s sixth-largest ever, burned a small town overnight and prompted<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/m.box.com\/shared_item\/https%3A%2F%2Fcalfire.box.com%2Fs%2Fab555qv2wh6wuiedwy88y28gtfvu4zgf\" class=\"icon none\"> area evacuations<\/a>, weeks after Pacific Gas and Electric said its equipment may have sparked the blaze.<\/p>\n<p> The three-week old fire comes during extreme weather and a historic drought in the state. Wednesday night the Dixie Fire<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnn.com\/2021\/08\/05\/weather\/greenville-california-dixie-fire\/index.html\" class=\"icon none\"> destroyed<\/a> the historic northern Sierra Nevada town of Greenville, which dates back to the Gold Rush era. <\/p>\n<div class=\"paywall\">\n       It already has burned more than <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fire.ca.gov\/incidents\/2021\/7\/14\/dixie-fire\/\" class=\"icon none\">320,000 acres<\/a> and 45 known structures, as damage assessment continues. Dry, windy conditions have helped fuel the fast-moving blaze, which was last reported as only 35% contained, according to the California Department of Forestry and Fire Protection.<\/p>\n<p>Bonds issued by Pacific Gas and Electric, California\u2019s largest utility, also have taken a lashing since the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2021\/07\/19\/us\/pge-dixie-fire.html\" class=\"icon none\">company in mid-July first alerted<\/a> the California Public Utilities Commission, in a preliminary report, that a blown fuse on one of its utility poles may have ignited the fire. The investigation around the cause of the fire continues. <\/p>\n<p>But since then, PG&amp;E\u2019s<br \/>\n        PCG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202583141\/composite\" class=\"negative\">-4.38%<\/bg-quote><br \/>\n       BB- rated corporate debt has come under sharp pressure and has seen heavy trading volumes. Its 5.25% bonds due July 2030 have been at the heart of the action, with spreads g<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing out by roughly 40 basis points to about 439 basis points above Treasurys, according to BondCliq data.<\/p>\n<p>PG&amp;E\u2019s stock fell 4.3% Thursday, and has sunk 8.6% over the past five sessions. <\/p>\n<p>Bond spreads are the level investors are compensated above a risk-free benchmark, often Treasurys<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">1.228%<\/bg-quote><span>,<\/span><br \/>\n       to help account for default risk. Wider spreads often point to market jitters or concerns around a specific company. Overall spreads for the broader <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fred.stlouisfed.org\/series\/BAMLH0A1HYBB\" class=\"icon none\">ICE BofA BB U.S. High Yield index<\/a> were last spotted at 241 basis points over Treasurys.<\/p>\n<p>This chart highlights the downward trading pressure on PG&amp;E\u2019s July 2030 bonds relative to its utility company peers since mid-July.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:65.85714285714286%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-381040?width=540&amp;size=1.5183867141162515 540w, https:\/\/images.mktw.net\/im-381040?width=620&amp;size=1.5183867141162515 620w, https:\/\/images.mktw.net\/im-381040?width=639&amp;size=1.5183867141162515 639w, https:\/\/images.mktw.net\/im-381040?width=700&amp;size=1.5183867141162515 700w, https:\/\/images.mktw.net\/im-381040?width=700&amp;size=1.5183867141162515&amp;pixel_ratio=1.5 1050w, https:\/\/images.mktw.net\/im-381040?width=700&amp;size=1.5183867141162515&amp;pixel_ratio=2 1400w, https:\/\/images.mktw.net\/im-381040?width=700&amp;size=1.5183867141162515&amp;pixel_ratio=3 2100w\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 620px, (max-width: 1299px) 540px, 700px\" src=\"https:\/\/images.mktw.net\/im-381040?width=700&amp;height=461\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\">\n<h4 class=\"wsj-article-caption-content\"><span class=\"ez-toc-section\" id=\"PG_E_bonds_get_lashing_as_Dixie_Fire_grows\"><\/span>PG&amp;E bonds get lashing as Dixie Fire grows<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>      <span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            BondCliq<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       PG&amp;E\u2019s overall debt also has been the most actively traded in that stretch, according to BondCliq.<\/p>\n<p>A spokesman for the utility didn\u2019t im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely respond to a request for comment on the trading action of the company\u2019s bonds or stocks. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Instead, the company provided a link to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/mail.google.com\/mail\/u\/0\/#inbox\/FMfcgzGkZkPKrPFDRHHjGzmtVVfVvcpq?projector=1&amp;messagePartId=0.1\" class=\"icon none\">an earlier statement <\/a>that provides an update on the extra measures it will be taking during the growing wildfire threat, including an initiative to bury 10,000 miles of power lines in the highest fire-threat areas.<\/p>\n<p>Stocks were poised for modest gains Thursday, with the Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.78%<\/bg-quote><br \/>\n       up 0.6% and the S&amp;P 500 index<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.60%<\/bg-quote><br \/>\n       0.4% higher.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Joy Wiltermuth\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/author\/joy-wiltermuth\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/JoyWiltermuth\",\"text\":\"@JoyWiltermuth\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:joy.wiltermuth@marketwatch.com\",\"text\":\"joy.wiltermuth@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Joy_Wiltermuth\"><\/span>Joy Wiltermuth<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-7590-5598659092E3%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Market Extra: PG&amp;E\u2019s corporate bonds take a lashing as Dixie Fire rages&#8221; The Dixie Fire in Northern California, already ranking as the state\u2019s sixth-largest ever, burned a small town overnight and prompted area evacuations, weeks after Pacific Gas and Electric said its equipment may have sparked the blaze. The three-week old fire comes during extreme&#8230;<\/p>\n","protected":false},"author":1,"featured_media":316449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-316448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/316448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=316448"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/316448\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/316449"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=316448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=316448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=316448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}