Midday Commentary: General Electric notes unchanged; Toyota, Montpelier deals firm

By Aleesia Forni

Columbus, Ohio, Oct. 3 - The secondary market saw General Electric Co.'s new notes trading at about the same levels on Wednesday as the previous day, one trader said at midday.

The 10-year tranche was quoted at 91 bps bid, 89 bps offered, while the 30-year bonds traded at 108 bps bid, 106 bps offered.

The $3 billion tranche of 2.7% 10-year notes sold at a spread of 110 bps over Treasuries on Monday, and a $2 billion tranche of 4.125% 30-year bonds was priced with a spread of Treasuries plus 135 bps.

The technology and financial services company is based in Fairfield, Conn.

In other recent deals, Toyota Motor Credit Corp.'s notes were seen 2 bps tighter, while Montpelier Re Holdings Ltd.'s Tuesday issuance traded 22.5 bps tighter.

Toyota Motor Credit tightens

Toyota Motor Credit's $1.5 billion of 1.25% five-year senior notes traded at 63 bps bid, 70 bps offered on Wednesday.

The notes priced on Tuesday at a spread of Treasuries plus 65 bps.

The funding arm of Toyota is based in Torrance, Calif.

Montpelier Re notes firm

Montpelier Re Holdings' notes due 2022 were quoted at 290 bps bid, 283 bps offered at midday.

The company priced the upsized $300 million of 4.7% 10-year senior notes on Tuesday at 312.5 bps over Treasuries.

Montpelier Re is an insurance and reinsurance company based in Bermuda.

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