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Midday Commentary: Secondary market sees General Electric notes weaken slightly in trading
By Aleesia Forni
Columbus, Ohio, Jan. 7 - The high-grade secondary market saw General Electric Capital Corp.'s fixed-rate notes, which priced on Thursday, trade slightly weaker from levels seen Friday, a trader said.
The $1.4 billion of 1% three-year notes were quoted at 69 bps bid, 66 bps offered on Monday after trading at 68 bps bid, 65 bps offered on Friday.
The notes sold at a spread of Treasuries plus 72 bps.
The $2 billion tranche of 3.1% 10-year notes also traded 1 bp weaker at 120 bps bid, 118 bps offered.
The notes sold at a spread of 122 bps over Treasuries before tightening to 119 bps bid, 117 bps offered on Friday.
General Electric Capital also priced a $600 million tranche of floating-rate notes as part of the $4 billion offering.
The funding arm of General Electric Co. is based in Norwalk, Conn.
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