The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Demand for GECC’s jumbo overwhelms doubts

Issuer: General Electric Capital CorpAmount: $11 billionLaunched: March 15 2002Lead managers: Citigroup/SSB, JPMorgan, Lehman Brothers


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. The three-tranche issue consisted of a three-year, $4 billion dollar floating-rate note with a coupon of 12.5 basis points over three-month Libor; a five-year, $2 billion dollar fixed-rate bond with a spread at launch of 80bp over US treasuries; and a 30-year, $5 billion dollar bond with a spread of 109bp over treasuries.

The $5 billion tranche is the biggest-ever 30-year corporate bond, and the size of the total issue makes it the biggest-ever solely dollar-denominated corporate bond.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree