General Electric Capital Corp

  • 22 Sep 2005
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Rating: Aaa/AAA
Amount: Sfr300m
Maturity: 25 October 2011
Issue price: 100.14
Coupon: 1.75%
Launch date: Tuesday 20 September
Payment date: 25 October
Lead mgr: UBS

Bookrunner's comment:

GECC has not been in the market for some time and here we presented investors with a six year trade at 4bp over mid-swaps. The name, of course, needs no explaining.

The reason we chose the six year maturity was that although there is demand at the long end there is a gap in the secondary market in 2011 and we wanted to fill that. It also gave GECC the opportunity to do a new transaction, rather than increase an outstanding by Sfr100m.

We did some pre-sounding and by the time of launch the book was about two-thirds subscribed. The initial demand was from institutions, not so much insurance companies — which are buying at the long end — but banks, who make up about 20% of the deal, and other institutions with about 40%. Retail will come in for the remaining 40%.

Market appraisal:

"...this went well. They come to the market almost every month, but the pricing is attractive so we had some demand."

"...quite a nice one. Six year paper paying 4bp over mid-swaps for a Aaa/AAA/AAA name is attractive. It would be considered a bargain were GE not such a regular issuer in Swiss francs, as many investors have a lot of their paper already."

"...fairly priced for GECC. They have probably seen some demand from private banking in this part of the curve, but whether they are fully sold, I am not sure."

  • 22 Sep 2005

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 92.59 388 8.96%
2 Citi 85.30 278 8.25%
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4 Barclays 58.01 223 5.61%
5 Deutsche Bank 55.74 184 5.39%

Bookrunners of All Syndicated Loans EMEA

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1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2.07 11 10.42%
2 BofA Securities 1.40 6 7.01%
3 Citi 1.37 7 6.87%
4 Morgan Stanley 1.36 6 6.85%
5 JPMorgan 1.31 7 6.59%