SCE unit issues $1.95 billion in Series 2026-A wildfire recovery bonds
On July 28, 2026, SCE Recovery Funding LLC issued $1,953,948,000 of Senior Secured Recovery Bonds, Series 2026-A, under a prospectus dated July 21, 2026. The proceeds go to Southern California Edison, net of certain issuance costs, in exchange for recovery property created under a California Public Utilities Commission financing order. The filing does not disclose the bonds' interest rate or maturity.
Key points
- Bonds totaling $1,953,948,000 issued July 28, 2026, under an indenture with The Bank of New York Mellon Trust Company as trustee.
- Recovery property was created under a CPUC financing order issued May 23, 2026 (Decision No. 26-05-006), and sold to the issuer at closing.
- Counsel Norton Rose Fulbright opined that bondholders would likely be able to challenge future state legislation that impairs the bonds, absent a significant public purpose justification by the state.
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 28, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.