GECC crams more in GG market while other pull deals

GECC will price its first euro government guaranteed euro issue this week via BNP Paribas, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS at 70bp over mid-swaps. The book is said to be around Eu2bn, a size deemed disappointing by some who thought the pricing on the generous side. However, GECC is bringing a deal in a market which has seen a lot of supply. Other issuers have shelved their plans until the new year, including Germany’s HSH Nordbank and Holland’s NIBC.