Monday, April 14, 2014

GE Debt

GE has issued almost $200 billion of bonds.  Here is a chart:

GE Bonds



Series Name Maturity Amount $mil Price Coupon%
Ge Cap Europea 4.625% 07/04/14 1,033.7 104.5 4.625
Ge Scf 3.75% 07/22/14 1,378.2 102.1 3.750
Ge Cap Europea 07/28/14 1,378.2 98.6 0.500
Gen Elec Cap 4% 10/15/14 417.6 100.9 4.000
Ge Cap Cda Fdg Co Mtn Cds- 5.28% 10/22/14 271.8 --- 5.280
Ge Cap Europea 2.875% 10/28/14 1,722.8 100 2.875
Ge Cap Sukuk L 3.875% 11/26/14 500.0 101.6 3.875
Ge Cap Uk Fd 5.625% 12/12/14 416.8 107.6 5.625
Gen Elec Cap 2% 01/15/15 509.4 101.4 2.000
Ge Cap Cda Fdg Co Mtn Cds- 4.65% 02/11/15 543.6 --- 4.650
Gen Elec Cap 03/03/15 5,024.2 99.3 1.310
Ge Cap Uk Fd 5.125% 03/03/15 833.6 109.2 5.125
Ge Cap Europea 5.25% 05/18/15 2,756.5 100 5.250
Ge Cap Europea 2.875% 09/17/15 2,067.4 100 2.875
Gen Elec Cap 3.875% 09/21/15 331.6 103.7 3.875
Ge Cap Europea 0.544% 09/25/15 13,782.5 --- 0.565
General Elec 0.85% 10/09/15 2,000.0 100.2 0.850
Ge Cap Europea 1.25% 10/15/15 1,378.2 101 1.250
Ge Cap Uk Fd 4.625% 01/18/16 583.5 105.6 4.625
Ge Cap Europea 02/22/16 1,860.6 100 0.436
Ge Cap Europea 3.75% 04/04/16 1,722.8 100 3.750
Gen Elec Cap 4.875% 04/05/16 385.6 106.7 4.875
Ge Cap Uk Fd 05/09/16 1,000.3 99.6 1.071
Ge Cap Cda Fdg Co Mtn Cds- 5.1% 06/01/16 362.4 --- 5.100
Ge Cap European Funding, Dublin 06/20/16 10,000.0 --- 0.435
Ge Cap Bk Inc Retail 08/24/16 2,000.0 --- 1.350
Ge Cap Europea 4.125% 10/27/16 2,067.4 100 4.125
Gen Elec Cap 1.299% 11/25/16 580.7 --- 1.299
Gen Elec Cap 2.25% 12/19/16 707.5 105 2.250
Ge Cap Cda Fdg Co Mtn Cds- 4.55% 01/17/17 498.3 --- 4.550
Ge Cap Europea 4.25% 03/01/17 2,067.4 109.4 4.250
Ge Cap Retail Bk Draper Utah 03/07/17 2,000.0 --- 1.050
Ge Commrcl Ln 1.70688% 04/19/17 8,075.3 --- 1.707
Ge Cap Europea 3.625% 06/15/17 634.0 107.8 3.625
Ge Cap Europea 06/15/17 606.4 101.1 1.214
Ge Cap Cda Fdg Co Mtn Cds- 5.53% 08/17/17 588.9 --- 5.530
Ge Cap Uk Fd 4.125% 09/28/17 1,000.3 107.1 4.125
Gen Elec Cap 1.625% 10/19/17 566.0 104.2 1.625
Ge Cap Ccmt 2009-4 3.8% 11/15/17 475.0 --- 3.800
General Elec 5.25% 12/06/17 4,000.0 112.8 5.250
Ge Cap Ccmt 2012-1 1.03% 01/15/18 750.0 --- 1.030
Ge Cap Europea 5.375% 01/16/18 1,722.8 100 5.375
Gen Elec Cap 4.25% 01/17/18 520.6 99.5 4.250
Ge Corp Aircraft F 0.6125% 01/25/18 2,872.1 --- 0.613
Ge Cap Cda Fdg Co Mtn Cds- 4.4% 02/08/18 362.4 --- 4.400
Ge Cap Retail Bk Draper Utah 03/07/18 2,000.0 --- 1.500
Ge Cap Europea 1.625% 03/15/18 1,378.2 101.6 1.625
Ge Cap Ccmt 2010-1 3.69% 03/15/18 500.0 --- 3.690
Gen Elec Cap 8.5% 04/06/18 24,906.6 112.2 8.500
Gen Elec Cap 5.15% 04/25/18 3,522.7 --- 5.150
Ge Cap Cda Fdg Co Mtn Cds- 2.42% 05/31/18 906.0 --- 2.420
Ge Cap Ccmt 2012-5 0.95% 06/15/18 600.0 --- 0.950
Ge Cap Ccmt 2012-4 06/15/18 350.0 --- 0.544
Ge Cap Europea 0.728% 08/08/18 13,782.5 --- 0.728
Ge Cap Europea 6% 01/15/19 1,378.2 100 6.000
Ge Cap Retail Bk Draper Utah 03/07/19 2,000.0 --- 1.950
Ge Cap Uk Fd 5.625% 04/25/19 500.1 114.3 5.625
Ge Cap Ccmt 2011-2 CMO 05/15/19 650.0 --- 0.681
Ge Cap Cda Fdg Co Mtn Cds- 3.55% 06/11/19 317.1 --- 3.550
Ge Cap Bk Inc Retail 07/02/19 500.0 --- 4.000
Ge Cap Uk Fd 4.375% 07/31/19 1,042.0 108.5 4.375
Ge Cap Cda Fdg Co Mtn Cds- 5.68% 09/10/19 634.2 --- 5.680
Gen Elec Cap 3.125% 12/06/19 679.2 112.1 3.125
Ge Cap Europea 5.375% 01/23/20 2,067.4 100 5.375
Ge Cap Retail Bk Draper Utah 03/09/20 2,000.0 --- 2.300
Ge Cap Ccmt 2012-3 03/15/20 400.0 --- 0.000
Ge Cap Europea 2.25% 07/20/20 1,378.2 100 2.250
Ge Cap Ccmt 2012-6 1.36% 08/15/20 1,000.0 --- 1.360
Ge Cap Uk Fd 5.875% 11/04/20 833.6 117.3 5.875
Ge Cap Retail Bk Draper Utah 03/08/21 2,000.0 --- 2.650
Ge Cap Ccmt 2013-1 1.35% 03/15/21 800.0 --- 1.350
Ge Cap Europea 05/17/21 1,378.2 96.2 0.513
Ge Cap Retail Bk Draper Utah 06/24/21 392.1 --- 3.250
Ge Cap Europea 4.35% 11/03/21 758.0 115.8 4.350
Ge Cap Ccmt 2012-2 2.22% 01/15/22 600.0 --- 2.220
Ge Cap Cda Fdg Co Mtn Cds- 4.6% 01/26/22 679.5 --- 4.600
Ge Cap Ccmt 2012-7 1.76% 09/15/22 500.0 --- 1.760
General Elec 2.7% 10/09/22 3,000.0 98.3 2.700
Ge Cap Europea 2.625% 03/15/23 1,378.2 102.9 2.625
Ge Cap Uk Fd 5.125% 05/24/23 708.5 112.4 5.125
Ge Cap Uk Fd 4.125% 09/13/23 916.9 104.8 4.125
Ge Cap Retail Bk Draper Utah 03/07/24 2,000.0 --- 3.300
General Elec 3.375% 03/11/24 750.0 101.6 3.375
Ge Cap Europea 4.625% 02/22/27 826.9 100 4.625
Ge Busn Ln T 0.52585% 05/15/32 10,082.5 --- 0.445
Ge Cap Europea 3.65% 08/23/32 399.7 --- 3.650
Ge Cap Uk Fd 5.875% 01/18/33 1,083.6 121.2 5.875
Ge Busn Ln Tr 2007-1 04/15/35 373.2 --- 0.000
Ge Busn Ln Tr 2007-1 04/15/35 373.2 --- 0.000
Ge Cap Cda Fdg Co Mtn Cds- 5.73% 10/22/37 815.4 --- 5.730
Ge Cap Europea 6.025% 03/01/38 895.9 100 6.025
Ge Cap Uk Fd 6.25% 05/05/38 833.6 128.8 6.250
Ge Cap Comm Mortg 7.05% 06/10/38 1,440.0 --- 7.050
Ge Cap Comm Mortg 7.05% 06/10/38 1,200.0 --- 7.050
Ge Cap Uk Fd 8% 01/14/39 1,083.6 152.7 8.000
General Elec 4.125% 10/09/42 2,000.0 97.8 4.125
General Elec 4.5% 03/11/44 2,250.0 102.6 4.500
Gen Elec Cap 5.5% 09/15/66 488.4 105.1 5.500
Gen Elec Cap 4.625% 09/15/66 306.7 104.1 4.625
Ge Cap Tr I 11/15/67 813.1 110.8 6.375


$188,809.60

Source: http://quicktake.morningstar.com/stocknet/bonds.aspx?symbol=ge

I find this interesting for the following reasons.  I don't really care about GE in particular.  But it is rated AA+ by SP, and I think it is considered too-big-to-fail (TBTF).  I think that the Fed, if it were so inclined, might decide to purchase some of these bonds as collateral for its QE.  I think that these might be considered part of an expanded money supply.  I will look for similar cases.  The criteria are: 1) A+ rated or higher, and 2) $100 billion or more of debt.  Verizon debt doesn't qualify because it is basically junk.

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