General Electric (GE) Under Pressure On Funding Concerns
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Shares of General Electric Co. (NYSE: GE) are under heavy pressure this morning, down over 8%, on worries the company may have to tap bank lines due to troubles funding commercial paper.
Credit defaults swaps on GE were on the rise this morning due to the funding concerns. GE credit default swaps are trading up to 680 bps, after trading as high as 700 bps earlier.
In response to the concerns, GE reiterated that their commercial paper has gone smoothly and they have been over-funded every day. They said they will not tap their bank lines backing up its commercial paper. GE said it sees no reason for the credit default swaps widening.
Shares of GE are down 8.1% today to $23.43.
Credit defaults swaps on GE were on the rise this morning due to the funding concerns. GE credit default swaps are trading up to 680 bps, after trading as high as 700 bps earlier.
In response to the concerns, GE reiterated that their commercial paper has gone smoothly and they have been over-funded every day. They said they will not tap their bank lines backing up its commercial paper. GE said it sees no reason for the credit default swaps widening.
Shares of GE are down 8.1% today to $23.43.
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