Are you ready? PG&E wasn’t ready for the Paradise, CA firestorm. That allegedly started around PG&E high tension wires.
(Bloomberg) — Even the typically calm municipal-bond market can’t withstand the crisis that’s enveloped PG&E Corp., California’s biggest utility, since the outbreak of the state’s devastating wildfires.
As authorities investigate PG&E equipment as a possible cause of the deadly Camp fire, the value of some of company’s more than $700 million in debt sold through government agencies is slumping. The company’s municipal bonds were among the most actively traded municipal securities Wednesday.
A security with a mandatory put option in 2022 traded Wednesday at a price of 86.6 cents on the dollar, down from 94 cents when it last changed hands on Oct. 15, data compiled by Bloomberg show.
And PG&E’s stock took a beating as well, down almost 50% today from yesterday.