PG&E is Northern California's provider of electricity and natural gas. My Dad worked for them as a power plant operator. Our family vacationed at their camps, and still does. Even as kids, we owned stock in the company. "The company" was "our" company. So all of us have been disheartened by their troubles and catastrophes, self-induced or not, and were impacted when the dividend was cut and now by their filing for bankruptcy (a second time). For reasons I do not understand, prices on their defaulted debt have held up well. So I got out, and with a small profit. I had bought their 6.05's of '34 @96.801 and sold @103.009. I had bought their 4's of '46 @88.58 and sold @91.25. Were he still alive, my Dad would be heart-broken by current events. But the company is stumbling from one screw-up to the next, whereas its Southern Cal competitor has been actively mitigating potential troubles.
I own a single of the 5.125% of '43 held at Fidelity that I tried to get a bid on a while back, but got no offers. It's trading in size at 101.25. I paid 85.38 back almost a year ago for it.Maybe I'll try again tomorrow.
Ran, By and large, singles aren't 'marketable' on the sell side. That's part the reason you got no bids. The more typical min is at least 2 bonds, if not five. Also, Fido (and all of them, meaning, ET, Schwab, TD) suck majorly when it comes to selling. Yeah, they'll do their pro forma duty of soliciting bids, but the underlying desks know the seller is desperate and will either 'pass' or low-ball their bid. Likely, you're stuck with the position. But given where the bond is bid, that might not be a bad thing. If the institutionals really expected an adverse workout, they'd be dumping, and the bid would be low 20s. I got out, because I'm carrying several hundred positions and needed to "clear the decks" of anything I would think to think about carefully when TSHTF.A
I just got a bid quote. $80. LOL.
ranshdow, As I said earlier, the underlying desks scoff at attempts to sell odd-lots and low-ball their bids, if they bother to bid at all. Also, I don't know why that issue isn't trading. Right now, the quote line at IB is as follows: no ask. Last is c101.250 (meaning, the bond hasn't traded today). And the bid is 85.550 x 1500k (meaning, some institutional wants a lot of them, but only at a steep discount.In short, you're long the bond and can't get out unless/until some news event prompts buying, such as progress on how the BK will proceed and some indication the bondholders won't be totally screwed. Arindam
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