General Electric Capital Corp’s record-breaking $11 billion global bond issue launched on March 15 is testimony to the market’s voracious appetite for high-quality, long-dated debt. The incredible demand for the deal was also a clear vote of confidence in the AAA-rated issuer, which has endured the ignominy of comparisons with troubled Tyco and subsequently came under attack from Bill Gross, managing director of investment managers Pimco.
The $11 billion issue, led by Citigroup/SSB, JPMorgan and Lehman Brothers, was increased from the originally proposed $6 billion after attracting an order book of $17 billion.
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