More on GE
March 4th, 2009 9:00 am | by John Jansen |I am seeing GECC CDS quoted 17 1/2 /19 1/2. That is the only firm quote which anyone has passed along to me. I have heard but not seen that it is actually over 20 points up front but until I see that in print I will not believe it.
GE has an outstanding cash bond, the 4.80s of 2013. It is the current benchmark 5 year and there are $2.5 billion bonds outstanding. The issue traded yesterday morning at 89. That is dollar price. This morning it was 82/87 and traded on the bid side at 82 and it is currently quoted 77/82.
I am guessing that much of that price action reflects the late move in the CDS yesterday but if nothing else the price action is reflective of the fear swirling around this troubled credit.
UPDATE 840AM: Some one just noted to me that the CDS are quoted 19 1/2 21 1/2.
One Response to “More on GE”
By Antic on Mar 18, 2009 | Reply
auhtor must start a book, it’s great!