PG&E notes rebound from recent negativity; Intelsat active after earnings report

By James McCandless

San Antonio, Oct. 29 – As utilities continued to be at the forefront of distressed debt trading, names with earnings news siphoned off some of the attention.

PG&E Corp.’s notes bounced back from recent lows stemming from negative press surrounding power outages and wildfires.

The 6.05% notes due 2034 jumped up 5½ points to close at 95¾ bid. The 3½% senior notes due 2020 garnered 4¼ points to close at 90½ bid.

After two trading days of declines, the San Francisco-based bankrupt electric utility’s notes were rising off of recent lows sparked by the company’s latest round of customer power blackouts.

In telecom, Intelsat SA’s issues varied after the company released its uneven third-quarter earnings report.

Intelsat Jackson Holdings SA’s 5½% senior notes due 2023 gained ½ point to close at 95 bid. Intelsat (Luxembourg) SA’s 8 1/8% senior notes due 2023 fell 2 points to close at 84¼ bid.

Early Tuesday, the Luxembourg-based satellite operator released its earnings results for the third quarter.

The company reported an earnings loss of $1.05 per share, wider than the $1 loss per share that was expected by analysts.

On the other side of the spectrum, it also reported revenues at $506.66 million, better than what was predicted.

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