GECC sells first FDIC-backed bonds in Hong Kong

04 Feb 2009

General Electric Capital Corp this week became the first issuer to sell bonds backed by the US government in the Hong Kong dollar market, selling a HK$1bn ($129m) three year deal on Tuesday.

The private placement, which paid 20bp over three month Hibor, was the first time the Federal Deposit Insurance Corp’s guarantee has been used outside of the sterling, dollar or euro markets. HSBC was the sole bookrunner.

The US government’s FDIC said in October it would guarantee bank debt in ...

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