TheLondoner
Forumer storico
ore 8.57 appena intercettato il MM su GE 2014 TV:
1 5.000 61,0000 71,0000 500.000 1
1 5.000 61,0000 71,0000 500.000 1
Obbligazioni societarie GENERAL ELECTRIC -operativo emissioni
Yunus80
Del PIG non si butta nulla
Segnalo che General Electric TV 2014 (XS0197508764, Eur3m+0,20) in questo momento si acquista a sconto rispetto alla TV 2016 (Eur3m+0,15).
2014 in lettera a 63
2016 in denaro a 64
Resta un piccolo margine anche considerando i ratei.
Io ne ho approfittato per switchare, ne restano ancora poche
2014 in lettera a 63
2016 in denaro a 64
Resta un piccolo margine anche considerando i ratei.
Io ne ho approfittato per switchare, ne restano ancora poche
Imark
Forumer storico
Intanto piazzano altri 8 mld $ di bond, tutti sotto garanzia FDIC, sui 45 mld $ di debito da rifinanziare quest'anno.
E spero bene che stiano cmq allungando le scadenze nei limiti consentiti dalla garanzia federale riducendo ulteriormente la quantità di funding ottenuto sul mercato della commercial paper...
GE Capital Hires Banks to Sell Government-Backed Debt (Update5)
By Patricia Kuo and Shannon D. Harrington
March 9 (Bloomberg) -- General Electric Capital Corp., the finance arm of General Electric Co., is selling $8 billion of U.S. government-backed bonds as debt investors speculate the finance unit will need to raise more capital.
Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are arranging the sale, which will be backed by the Federal Deposit Insurance Corp., according to an e-mail sent to investors. Deutsche Bank AG, HSBC Holdings Plc and Royal Bank of Scotland Group Plc are also helping with the issue.
“The market is going to remain heavily dominated by government-guaranteed paper for many more months as people are scared of corporate defaults and the lack of liquidity in non- guaranteed bonds,” said Guthrie Williamson, a Sydney-based money manager with Principal Global Investors, which oversees $198 billion.
General Electric shares fell below $6 last week for the first time since December 1991 on concern that GE Capital may need more cash amid rising credit-card delinquencies and $4 billion in unrealized property losses. Credit-default swaps on GE Capital have been trading as if the unit were rated below investment-grade, even as GE Chief Financial Officer Keith Sherin said March 5 it had $45 billion in cash, he sees no need to raise additional capital and GE’s financial services businesses expect to be profitable in the current quarter and year.
Yields Over Benchmarks
GE Capital’s $4 billion of two-year, fixed-rate notes may price to yield eight basis points more than the benchmark mid- swap rate, and its $1 billion of two-year, floating rate notes may float at eight basis points over the three-month London interbank offered rate, according to a person familiar with the sale who declined to be identified because terms aren’t set.
The company’s $1.5 billion of three-year, fixed-rate notes may price to yield 20 basis points more than the mid-swap rate, and its $1.5 billion of three-year, floating-rate notes may float at 20 basis points over three-month Libor, the person said.
Libor, a borrowing benchmark currently set at 1.31 percent. A basis point is 0.01 percentage point.
Bonds guaranteed through the FDIC’s Temporary Liquidity Guarantee Program are rated Aaa by Moody’s Investors Service and AAA by Standard & Poor’s, their highest classifications. The FDIC in October agreed to guarantee three-year senior unsecured bank debt issued through June 30 as part of a U.S. Treasury plan to stimulate lending. The program has since been extended to debt issued through Oct. 31.
.... (continua)
http://www.bloomberg.com/apps/news?pid=20601103&sid=apizp5OZit38&refer=news
E spero bene che stiano cmq allungando le scadenze nei limiti consentiti dalla garanzia federale riducendo ulteriormente la quantità di funding ottenuto sul mercato della commercial paper...
GE Capital Hires Banks to Sell Government-Backed Debt (Update5)
By Patricia Kuo and Shannon D. Harrington
March 9 (Bloomberg) -- General Electric Capital Corp., the finance arm of General Electric Co., is selling $8 billion of U.S. government-backed bonds as debt investors speculate the finance unit will need to raise more capital.
Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley are arranging the sale, which will be backed by the Federal Deposit Insurance Corp., according to an e-mail sent to investors. Deutsche Bank AG, HSBC Holdings Plc and Royal Bank of Scotland Group Plc are also helping with the issue.
“The market is going to remain heavily dominated by government-guaranteed paper for many more months as people are scared of corporate defaults and the lack of liquidity in non- guaranteed bonds,” said Guthrie Williamson, a Sydney-based money manager with Principal Global Investors, which oversees $198 billion.
General Electric shares fell below $6 last week for the first time since December 1991 on concern that GE Capital may need more cash amid rising credit-card delinquencies and $4 billion in unrealized property losses. Credit-default swaps on GE Capital have been trading as if the unit were rated below investment-grade, even as GE Chief Financial Officer Keith Sherin said March 5 it had $45 billion in cash, he sees no need to raise additional capital and GE’s financial services businesses expect to be profitable in the current quarter and year.
Yields Over Benchmarks
GE Capital’s $4 billion of two-year, fixed-rate notes may price to yield eight basis points more than the benchmark mid- swap rate, and its $1 billion of two-year, floating rate notes may float at eight basis points over the three-month London interbank offered rate, according to a person familiar with the sale who declined to be identified because terms aren’t set.
The company’s $1.5 billion of three-year, fixed-rate notes may price to yield 20 basis points more than the mid-swap rate, and its $1.5 billion of three-year, floating-rate notes may float at 20 basis points over three-month Libor, the person said.
Libor, a borrowing benchmark currently set at 1.31 percent. A basis point is 0.01 percentage point.
Bonds guaranteed through the FDIC’s Temporary Liquidity Guarantee Program are rated Aaa by Moody’s Investors Service and AAA by Standard & Poor’s, their highest classifications. The FDIC in October agreed to guarantee three-year senior unsecured bank debt issued through June 30 as part of a U.S. Treasury plan to stimulate lending. The program has since been extended to debt issued through Oct. 31.
.... (continua)
http://www.bloomberg.com/apps/news?pid=20601103&sid=apizp5OZit38&refer=news
yellow
Forumer attivo
Pradossalmente questo mini downgrade e l'outlook successivo " stabile " è 
un'ottima notizia per G.E :
12.03.09 14:26 - Ge: S&P taglia rating su debito a AA+, outlook stabile
NEW YORK (MF-DJ)--Standard & Poor's ha tagliato il rating sul debito di lungo periodo di General Electric da AAA ad AA+ assegnando outlook stabile.
L'agenzia di rating ha motivato il downgrade affermando che il gruppo statunitense mostra un aumento delle pressioni per quanto riguarda il profilo degli utili a causa del deterioramento delle condizioni economiche globali.
Per Standard & Poor's la societa' americana registrera' un aumento delle perdite legate al proprio portafoglio finanziario anche se il flusso di liquidita' dovrebbe mantenersi su livelli solidi.
un'ottima notizia per G.E :12.03.09 14:26 - Ge: S&P taglia rating su debito a AA+, outlook stabile
NEW YORK (MF-DJ)--Standard & Poor's ha tagliato il rating sul debito di lungo periodo di General Electric da AAA ad AA+ assegnando outlook stabile.
L'agenzia di rating ha motivato il downgrade affermando che il gruppo statunitense mostra un aumento delle pressioni per quanto riguarda il profilo degli utili a causa del deterioramento delle condizioni economiche globali.
Per Standard & Poor's la societa' americana registrera' un aumento delle perdite legate al proprio portafoglio finanziario anche se il flusso di liquidita' dovrebbe mantenersi su livelli solidi.
negusneg
New Member
Pradossalmente questo mini downgrade e l'outlook successivo " stabile " è
12.03.09 14:26 - Ge: S&P taglia rating su debito a AA+, outlook stabile
NEW YORK (MF-DJ)--Standard & Poor's ha tagliato il rating sul debito di lungo periodo di General Electric da AAA ad AA+ assegnando outlook stabile.
L'agenzia di rating ha motivato il downgrade affermando che il gruppo statunitense mostra un aumento delle pressioni per quanto riguarda il profilo degli utili a causa del deterioramento delle condizioni economiche globali.
Per Standard & Poor's la societa' americana registrera' un aumento delle perdite legate al proprio portafoglio finanziario anche se il flusso di liquidita' dovrebbe mantenersi su livelli solidi.
Tanto tuonò che...
tommy271
Forumer storico
Meglio così ... AA+.
L'avevo comprata come tripla A, un bond sicurissimo. Mi dicevano. Solo che in questi ultimi tempi si è comportato come un bond da tripla B. Attendo con trepidazione il 15.06.2009, giorno di scadenza. E poi ... arrivederci.
G.El. Cap. è uno dei pochi bond corporate che ho in portafoglio (l'altro KFW, ma qui c'è la garanzia del governo tedesco). Tutto il resto in TdS: mai abbandonare la via maestra!
L'avevo comprata come tripla A, un bond sicurissimo. Mi dicevano. Solo che in questi ultimi tempi si è comportato come un bond da tripla B. Attendo con trepidazione il 15.06.2009, giorno di scadenza. E poi ... arrivederci.
G.El. Cap. è uno dei pochi bond corporate che ho in portafoglio (l'altro KFW, ma qui c'è la garanzia del governo tedesco). Tutto il resto in TdS: mai abbandonare la via maestra!
yellow
Forumer attivo
Tanto tuonò che...
12.03.09 16:25 - Ge: titolo accentua guadagni dopo taglio S&P (+11%)
NEW YORK (MF-DJ)--Ge accentua i guadagni dopo il taglio del rating sul debito da parte di S&P. Le azioni della conglomerata stanno avanzando dell'11% a 9,45 dollari, dopo aver toccato un massimo intraday a 9,55 dollari.
Il titolo, spiegano gli analisti, trae vantaggio dal fatto che l'agenzia di rating ha bocciato il debito in misura inferiore rispetto a quanto non fosse previsto.
, già in portafoglio a 99,00 
Imark
Forumer storico
General Electric ... visto che si è molto parlato di questo downgrade inferiore alle attese da parte di S&P, ecco le motivazioni ... vediamo come andrà a finire, nel senso che anche lo scenario che porta ad ulteriori riduzioni di outlook/rating non mi pare possa essere del tutto escluso.
General Electric Co. And Units Long-Term Ratings Lowered To 'AA+'; Outlook Stable
NEW YORK (Standard & Poor's) March 12, 2009--Standard & Poor's Ratings Services today lowered its long-term ratings on General Electric Co. (GE) and units, including General Electric Capital Corp. (GECC), by one notch to 'AA+' from 'AAA'. We affirmed the 'A-1+' short-term credit ratings. The outlook is stable.
The main factor in the downgrade was our assessment of the stand-alone credit profile of financial services unit GECC, which we now view as 'A', compared to the 'A+' we had indicated before. "We believe that GECC is under increasing earnings pressure, due to the recent sharp deterioration in general economic conditions around the globe," said Standard & Poor's credit analyst Robert Schulz.
"This will result, in our opinion, in rising credit losses across key segments of GECC's finance portfolio. Still, we believe that GE's industrial-based cash generation capabilities remain fundamentally strong--even in the face of enormous global economic headwinds--and that it will generate growing cash balances from current levels over the next two years. We do not anticipate that GE will benefit from any meaningful earnings or cash flow from GECC through 2010."
We believe that GE's industrial businesses will generate about $2 billion in discretionary cash flow (after dividends) in 2009 and a significantly greater amount in 2010, aided by the 68% reduction in the common dividend that the company recently announced.
The ratings on GE continue to reflect our view of its excellent business
risk profile, its significant cash flow and liquidity, its strong corporate
governance, and management's commitment to maintaining very high credit quality.
In our view, the company has a track record of managing its
businesses (including its financial services unit GECC) in a variety of
difficult markets, and a demonstrated ability for these businesses to earn
solid profits and generate substantial cash, even in very tough economic
conditions.
We expect GE's commitment to maintaining very high credit quality, the
still-solid prospects for many of its business segments (despite economic
weakness), and the company's ample financial flexibility should continue to support the ratings at the current level and the stable outlook.
However, we could reexamine our outlook if, for example, we came to believe that GE would fail to generate discretionary free cash flow (after dividends) of around $2 billion in 2009 and significantly more in 2010 and retain a very substantial portion of this cash-–we would view a portion of this cash as available to support GECC.
In light of the recent sharp reduction in the dividend, this would likely require net earnings below $9 billion in 2009, which we believe could occur if revenues fell more than 5%, if industrial gross margins fell 100 basis points or more, and GE had little success in managing working capital in 2009.
We would also review the outlook or rating if we came to expect that GECC would report significant losses for an extended period of time, if the company shifted its financial policies, or if strategic shifts in GE's portfolio of businesses were to jeopardize the company's excellent business risk profile.
General Electric Co. And Units Long-Term Ratings Lowered To 'AA+'; Outlook Stable
NEW YORK (Standard & Poor's) March 12, 2009--Standard & Poor's Ratings Services today lowered its long-term ratings on General Electric Co. (GE) and units, including General Electric Capital Corp. (GECC), by one notch to 'AA+' from 'AAA'. We affirmed the 'A-1+' short-term credit ratings. The outlook is stable.
The main factor in the downgrade was our assessment of the stand-alone credit profile of financial services unit GECC, which we now view as 'A', compared to the 'A+' we had indicated before. "We believe that GECC is under increasing earnings pressure, due to the recent sharp deterioration in general economic conditions around the globe," said Standard & Poor's credit analyst Robert Schulz.
"This will result, in our opinion, in rising credit losses across key segments of GECC's finance portfolio. Still, we believe that GE's industrial-based cash generation capabilities remain fundamentally strong--even in the face of enormous global economic headwinds--and that it will generate growing cash balances from current levels over the next two years. We do not anticipate that GE will benefit from any meaningful earnings or cash flow from GECC through 2010."
We believe that GE's industrial businesses will generate about $2 billion in discretionary cash flow (after dividends) in 2009 and a significantly greater amount in 2010, aided by the 68% reduction in the common dividend that the company recently announced.
The ratings on GE continue to reflect our view of its excellent business
risk profile, its significant cash flow and liquidity, its strong corporate
governance, and management's commitment to maintaining very high credit quality.
In our view, the company has a track record of managing its
businesses (including its financial services unit GECC) in a variety of
difficult markets, and a demonstrated ability for these businesses to earn
solid profits and generate substantial cash, even in very tough economic
conditions.
We expect GE's commitment to maintaining very high credit quality, the
still-solid prospects for many of its business segments (despite economic
weakness), and the company's ample financial flexibility should continue to support the ratings at the current level and the stable outlook.
However, we could reexamine our outlook if, for example, we came to believe that GE would fail to generate discretionary free cash flow (after dividends) of around $2 billion in 2009 and significantly more in 2010 and retain a very substantial portion of this cash-–we would view a portion of this cash as available to support GECC.
In light of the recent sharp reduction in the dividend, this would likely require net earnings below $9 billion in 2009, which we believe could occur if revenues fell more than 5%, if industrial gross margins fell 100 basis points or more, and GE had little success in managing working capital in 2009.
We would also review the outlook or rating if we came to expect that GECC would report significant losses for an extended period of time, if the company shifted its financial policies, or if strategic shifts in GE's portfolio of businesses were to jeopardize the company's excellent business risk profile.
