Obbligazioni societarie GENERAL ELECTRIC -operativo emissioni (1 Viewer)

mostromarino

Guest
MARTEDI OGGI????????

sarà interessante vedere a che condizioni viene emesso e sottoscritto

qualche marpione ne sa di piu`???????

..............
(ANSA) - NEW YORK, 5 gen - Ge capital, il braccio finanziario di general Electric, prevede di raccogliere 10 miliardi di dollari in quella che dovrebbe essere la maggiore offerta di debito garantita dalla Federal Deposit Insurance Corp, l'agenzia federale di assicurazione sui depositi. La vendita - secondo indiscrezioni riportate dalla stampa americana - dovrebbe includere titoli a diversa scadenza e dovrebbe avere luogo martedì.(ANSA).
 
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Imark

Forumer storico
Forse martedì ieri...;) Il 5 era lunedì, magari sarà martedì 13. Ci sono notizie?

Effettuata ieri... :)
U.S. corporate bond sales start year on strong footing

Tue Jan 6, 2009 2:37pm GMT

NEW YORK, Jan 6 (Reuters) - U.S. companies are taking advantage of a strong tone in the corporate bond market with a flurry of sales, including at least four deals in the market on Tuesday, according to IFR.

The sales follow a $10 billion FDIC-backed bond from General Electric's (GE.N: Quote, Profile, Research) finance arm on Monday, along with smaller issues from PacifiCorp, a unit of MidAmerican Energy Holdings, and Weatherford International (WFT.N: Quote, Profile, Research).

Devon Energy (DVN.N: Quote, Profile, Research) is expected to sell a benchmark sized offering of five- and 10-year notes via Banc of America Securities, JPMorgan and UBS, according to IFR, a Thomson Reuters service.

Other deals include $250 million of five-year notes from Brown-Foreman Corp (BFb.N: Quote, Profile, Research), $500 million of 10-year notes from Tyco International Finance, guaranteed by Tyco International Ltd (TYC.N: Quote, Profile, Research), and a benchmark-sized offering of 10-year notes and 30-year bonds from TransCanada Pipelines Ltd.

Banc of America Securities, Citigroup and JPMorgan are active book-running managers for Brown-Forman's offering, while Citigroup and Morgan Stanley are active book-running managers for Tyco's deal and Citigroup and HSBC are book-running managers for TransCanada's sale.

General Electric Capital Corp on Monday priced $10 billion of notes guaranteed by the Federal Deposit Insurance Corp, the largest debt sale under that government guarantee program since its inception in November.

U.S. corporate bond sales tumbled by nearly 35 percent in 2008 to $645 billion, the slowest year since 2002, as a global credit crisis cut investors' appetite for risky assets.

The corporate bond market rebounded in December, however, after the Federal Reserve slashed interest rates to near zero, encouraging investors to venture into riskier assets in a search for yield. (Reporting by Dena Aubin; Editing by Kenneth Barry) ([email protected]; +1-646-223-6325; Reuters Messaging: [email protected]))
 

Imark

Forumer storico
GE's finance arm launches $10 bln FDIC-backed debt

Mon Jan 5, 2009 9:44pm GMT

By Dena Aubin
NEW YORK, Jan 5 (Reuters) - General Electric Co's (GE.N) finance arm on Monday launched a $10 billion sale of FDIC-backed debt, the largest sale under the government guarantee program since its inception last November.

The General Electric Capital Corp sale will push total issuance under the government program to over $115 billion, according to Thomson Reuters data. Before GE Capital's deal, the largest sale under the program was $9 billion on Dec. 1 from Bank of America (BAC.N), according to Thomson Reuters data.

The so-called Temporary Liquidity Guarantee Program was created in November to fill a financing gap for banks shut out of the corporate bond market by skyrocketing yields. The new asset class is being sold to a combination of traditional corporate, agency and Treasury investors, strategists said.

"TLG paper has been widely accepted in the United States and is still catching on in Asia," Jim Vogel, a strategist at FTN Financial Capital Markets in Memphis, Tennessee, said in an emailed message. European investors also bought aggressively when spreads were wider relative to London interbank offered rates in early December, he said.

Despite top "AAA" ratings enjoyed by GE Capital, yields on its unsecured bonds had soared earlier this year amid worries that the credit crunch was making it more difficult for the massive finance company to roll over debt. GE Capital depends on easy access to funding to make loans for everything from office space to planes.

"They can borrow much more cheaply with the government guarantee, very simply," said Spencer Lee, head of trading at SCM Advisors in San Francisco.

Now is a good time for company debt sales, he added.
"You've got historically low Treasury yields despite the sell-off of last few days and tightening credit spreads."

GE SEEN SELLING $2 BLN IN 2-YR NOTES

GE Capital is expected to sell $2 billion in two-year notes at mid swaps plus 15 basis points and $4.5 billion in 3.5-year notes at mid swaps plus 30 basis points, according to IFR, a Thomson Reuters service.

It is also expected to sell $2.5 billion in 18-month quarterly floating-rate notes at five basis points over the London interbank offered rate and $1 billion in 3.5-year floating-rate notes at mid swaps plus 30 basis points.

The joint lead managers on the sale are Banc of America Securities, Citigroup, Goldman Sachs, JP Morgan Chase and Morgan Stanley.
Mark MacQueen, co-founder of Sage Advisory Services in Austin, Texas, said he did not participate in GE Capital's new deal because he bought FDIC-backed bonds from the company last year when spreads were wider.
"I know that some government funds are buying this paper and I know that's what's creating the demand at these much tighter spreads," he said.

Yields on GE Capital's unsecured debt had ballooned to nearly junk levels in early October amid worries that the global credit crunch was raising its financing costs to uneconomical levels.

In an effort to shore up its finances, GE has raised $15 billion through stock sales and has said it will scale back the finance arm and lower its leverage ratio.

Weighed down by troubles at GE Capital, GE's shares lost about half their value last year. Its shares fell again on Monday after an analyst said the U.S. conglomerate might have to lower its dividend or see its triple-A credit rating downgraded.

GE officials have repeatedly said keeping the "AAA" rating is a top priority. Standard & Poor's on Dec. 18 lowered it rating outlook on GE to "negative" from "stable," saying there is a one-in-three chance of a downgrade over the next two years. (Additional reporting by Scott Malone; editing by Leslie Adler)
 

Imark

Forumer storico
Più 4 billions $ di trentennale... a 400bp sopra il Treasury USA a 30 anni...

GE Capital launches $4 bln MTN sale-IFR

Tue Jan 6, 2009 2:54pm EST

NEW YORK, Jan 6 (Reuters) - General Electric Capital on Tuesday launched a $4 billion, 30-year medium-term note, IFR reported.
The note is being offered at 400 basis points over comparable U.S. Treasuries, according to IFR, a Thomson Reuters service.
Barclays, Citigroup and Morgan Stanley are lead managers on the deal. (Reporting by Ciara Linnane; editing by Gary Crosse
 

Gaudente

Forumer storico
lo spread sul trentennale e' enorme comparato agli spread offerti sulle scadenze piu' brevi....non sara' perche' questa emissione, contrariamente alle altre, non e' garantita dalla FED ?
 

Imark

Forumer storico
lo spread sul trentennale e' enorme comparato agli spread offerti sulle scadenze piu' brevi....non sara' perche' questa emissione, contrariamente alle altre, non e' garantita dalla FED ?

La ragione credo proprio sia quella... :cool:

D'altronde, fra i piani di GE c'è appunto quello di ridurre il leverage con una certa rapidità ... non è certo un caso... ;)
 

negusneg

New Member
lo spread sul trentennale e' enorme comparato agli spread offerti sulle scadenze piu' brevi....non sara' perche' questa emissione, contrariamente alle altre, non e' garantita dalla FED ?

La ragione credo proprio sia quella... :cool:

D'altronde, fra i piani di GE c'è appunto quello di ridurre il leverage con una certa rapidità ... non è certo un caso... ;)

Infatti, è proprio così:

AB InBev, GE Capital Lead Record Day of Bond Sales (Update1)


By Bryan Keogh and Gabrielle Coppola
Jan. 6 (Bloomberg) -- Anheuser-Busch InBev NV, the world’s largest brewer, and GE Capital Corp. led 13 issuers offering at least $19.5 billion of dollar-denominated bonds today in the busiest on record.
Anheuser-Busch InBev may sell at least $1.5 billion of bonds, said a person familiar with the transaction who declined to be named because terms aren’t set. GE Capital Corp., the lending arm of Fairfield, Connecticut-based General Electric Co., raised $4 billion in the first financial offering without a government guarantee since companies began selling the debt.
Dollar bond sales are accelerating as companies and governments take advantage of the lowest U.S. investment-grade borrowing costs in three months. More issuers are able to tap the market for U.S. debt because of government programs such as one guaranteeing financial-company debt, said Steven Ricchiuto, chief economist at Mizuho Securities in New York.
“The program jumpstarting the market was positive and I think it opens up the opportunity for additional issuers,” Ricchiuto said. “It remains to be seen whether this is a temporary window that has been opened because people have this confidence and feel equities have done better or whether there’s another little hiccup down the pipeline that will force people back into their shells.”
Spreads Narrow
Yields on investment-grade bonds fell to 7.79 percent on Dec. 30, the lowest since Oct. 1, according to Merrill Lynch & Co.’s U.S. Corporate Master Index. The yield over Treasuries that investors demand to own the debt has narrowed 60 basis points to 596 basis points since reaching a record on Dec. 5. A basis point is 0.01 percentage point.
Today’s offerings, if all are completed as planned, would represent the biggest day for corporate and sovereign bond issuance on record. Companies and governments sold $17.83 billion of dollar-denominated debt on Nov. 15, 2006, according to data compiled by Bloomberg. The busiest day last year was April 22, when $17.81 billion of debt was sold.
“At an investment level, there are two ways you can get income: You can go to the corporate bond markets and you can go to high-yielding equities,” said Neil Dwane, who helps oversee $80 billion of equity assets as chief investment officer for Europe at Allianz Global Investors’ RCM unit in London. “The key to both those selections is to pick companies that are going to keep paying their coupon or their dividend.”
Anheuser-Busch InBev
Anheuser-Busch InBev, based in Leuven, Belgium, plans to sell debt due in five, 10 and 30 years as soon as today to repay bank debt, the person said. The five-year notes may yield about 550 basis points more than Treasuries, the 10-year debt may pay a spread of 525 basis points and the 30-year debt may pay a premium of 512.5 to 525 basis points.
GE Capital Corp., the lending arm of Fairfield, Connecticut- based General Electric Co., sold $4 billion of 30-year bonds, the first financial offering without the backing of a government guarantee since companies began selling the debt on Nov. 25. GE Capital yesterday raised $10 billion in the biggest single sale of debt backed by the Federal Deposit Insurance Corp.
“GE’s doing the right thing and getting in while the getting is good,” Ricchiuto said.
Brazil, Latin America’s biggest economy, is marketing $1 billion of 10-year notes, while Colombia sold $1 billion of dollar debt as developing nations seek dollars to offset declines in commodity exports.
Tyco International Ltd., the world’s largest maker of security systems, boosted the size of its 10-year debt sale by 50 percent to $750 million. The 8.5 percent notes paid a spread of 681.9 basis points over Treasuries, Bloomberg data show.
GE Capital, TransCanada
Financial companies have sold $111 billion of government- guaranteed, dollar-denominated debt, including bonds backed by the U.S., U.K. and Australia, Bloomberg data show.
TransCanada Pipelines Ltd., a unit of TransCanada Corp., the owner of Canada’s largest pipeline system, sold $2 billion debt. The sale was split between $750 million of 10-year 7.125 percent notes that paid a spread of 460 basis points and $1.25 billion of 30-year 7.625 percent bonds that came at the same spread.
The European Investment Bank sold $4.5 billion of three-year notes, according to Citigroup Inc., one of the banks managing the sale. Luxembourg-based EIB sold the notes at a yield 20 basis points more than the mid-swap rate, a borrowing benchmark commonly used in Europe.
To contact the reporters on this story: Bryan Keogh in New York at [email protected]; Gabrielle Coppola in New York at [email protected]
Last Updated: January 6, 2009 17:20 EST

Vanno fatte due osservazioni però:

1) il primo articolo parla di spread sul tasso mid swap (o sul libor per la tranche indicizzata), mentre il secondo valuta lo spread sui treasuries. In questa fase i tassi mid swap (ed ancor più il libor) sono più alti dei titoli di stato equivalenti;

2) il trentennale Usa è a livelli ridicoli (ieri era di poco sotto al 3% :eek:), quindi pagare poco meno del 7% su un trentennale senza la garanzia del governo mi sembra un ottimo segnale per GE...
 

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