The Dixie Fire in Northern California, already the state's eight largest ever, burns a small Gold Rush-era town overnight and prompts area evacuations, weeks...
The Dixie Fire in Northern California, already ranking as the state’s eighth 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.
It already has burned more than 320,000 acres 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. But since then, PG&E’s PCG, -4.27% 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 gapping out by roughly 40 basis points to about 439 basis points above Treasurys, according to BondCliq data.
Bond spreads are the level investors are compensated above a risk-free benchmark, often Treasurys TMUBMUSD10Y, 1.216%, to help account for default risk. Wider spreads often point to market jitters or concerns around a specific company. Overall spreads for the broader ICE BofA BB U.S. High Yield index were last spotted at 241 basis points over Treasurys.
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