Corporate Bond Comments

Rating: Aaa/AAA (Moody’s/S&P)

Guarantor: HeidelbergCement AG

Rating: Aaa/AAA

Guarantor: General Electric Capital Corp

Rating: A1/A/A-

Guarantor: GlaxoSmithKline plc

Rating: Baa2/BBB/BBB+

Rating: Aa1/AAA/AAA

Rating: Aaa/AAA

Guarantor: E.On AG

On Wednesday, ResCap started a cash tender offer for $750m of its outstanding debt securities. The tender offer applies to the $1.25bn FRN due June 9, 2008. The total consideration of the notes will be $830 per $1,000 principal amount.

Rating: A1/AA-