GE Capital Sells $6.5B in Debt Backed by FDIC
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Yesterday, General Electric's (NYSE: GE) finance arm, GE Capital, sold $6.5 billion in debt backed by the Federal Deposit Insurance Corp.
The bond issuance, which was raised from the originally planned $5.5 billion, was sold under the government's Temporary Liquidity Guarantee Program, one of the Fed's many tools aimed at filling a gap for financial firms who can no longer access the corporate bonds market given the recent "flight to quality" and all-time high bond yields. GE's sale yesterday boosted the total amount of debt issued under the program to more than $51 billion.
Shares of GE rose more than 3% yesterday and this morning the stock has opened down about 0.8% to $17.42.
General Electric Company (GE) operates as a technology, media, and financial services company worldwide.
The bond issuance, which was raised from the originally planned $5.5 billion, was sold under the government's Temporary Liquidity Guarantee Program, one of the Fed's many tools aimed at filling a gap for financial firms who can no longer access the corporate bonds market given the recent "flight to quality" and all-time high bond yields. GE's sale yesterday boosted the total amount of debt issued under the program to more than $51 billion.
Shares of GE rose more than 3% yesterday and this morning the stock has opened down about 0.8% to $17.42.
General Electric Company (GE) operates as a technology, media, and financial services company worldwide.
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