Fixed Income Investing

Fixed Income Investing

At GE Capital we're not just bankers, we're builders. We provide smart financing and the know-how of GE to help our customers' capital go further and do more. Your company is building something and we get that. What you're building takes money, but it may also need knowledge and expertise. This is where we come in.

GE Capital is an extension of GE's rich heritage of building and supporting growth. Investing in the sectors we know best, we can provide more than just financing: We bring insight, knowledge and expertise to every loan. And as a result, businesses that finance with GE Capital benefit from the global know-how and expertise of GE. Around the world, we're helping our customers to invent more, to make more, to sell more and to do it all with greater efficiency. We're helping companies in ways that no other bank can.

Overview


 

Credit Ratings

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Below are the ratings of GE’s debt and preferred stock as of August 13, 2015.

Entity Moody’s Standard & Poor’s Fitch Ratings
General Electric Company      
Outlook Stable Negative Stable
Short Term P-1 A-1+ F1+
Long Term A1 AA+ AA-
General Electric Capital      
Outlook Stable Negative Stable
Commercial Paper P-1 A-1+ F1+
Senior unsecured debt A1 AA+ AA-
Subordinated debt A2 AA A+
Hybrid/Trust Preferred A2 A+ A+
Preferred Stock Baa1 A+ A

Credit ratings and outlooks are opinions subject to ongoing review by the rating agencies and may change from time to time based on GE’s financial performance, industry dynamics, and other factors.

Individual Investment Opportunities

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Baby Bonds

Baby Bonds are senior unsecured obligations of General Electric Capital Corporation. They are called Baby Bonds because of the small minimum denomination of $25.

Symbol Issue Date Call Date Interest Rate Maturity Date CUSIP Interest Payment Dates
GEB October 10, 2012 October 15, 2017 4.875% October 15, 2052 369622428 Jan, April July, Oct 15
GEH January 29, 2013 January 29, 2018 4.875% January 29, 2053 369622410 Jan, April, July, Oct 29
GEK May 16, 2013 May 16, 2018 4.700% May 16, 2053 369622394 Feb, May, Aug, Nov 16

Internotes

Corporate bonds designed for individual investors. Individuals can purchase GE Capital Bonds directly from over 300+ non-affiliated brokers dealers. Underwritten by Bank of America Securities and Incapital LLC, GE Capital InterNotes offer an important way to invest in GE.

Unsecured Bonds

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GE issues debt with maturities from 1-30 years.  Read an overview of the current state of GE’s long-term debt.

GECC Unsecured Long Term Debt Issuance

 

Preferred Stock & Subordinated Debt

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Preferred Stock

Click here for General Electric Company, Series D, 5%Fixed to Floating Rate Non-Cumulative Perpetual Preferred Stock (GE Series D Preferred Stock)-”Fast-Pay Stock” and “Extraordinary Dividend” Information.

Click here for Instructions for Withdrawing Appraisal Rights Demand with respect to:

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A CUSIP: 369604BM4 (converted from GECC MergeCo CUSIP: 36164TAA0)

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B CUSIP: 369604BN2 (converted from GECC MergeCo CUSIP: 36164TAB8)

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C CUSIP: 369604BP7 (converted from GECC MergeCo CUSIP: 36164TAC6)

Click here for a copy of FIRPTA certificates for the benefit of foreign preferred shareholders and withholding agents

  Cusip Currency Issued
date
Maturity Aggregate
Liquidation
Preference
 
Dividend Rate Call
date
Dividend
after
call date
Series A 369604BM4 USD 12/3/2015 perpetual 90,865 4.00% 6/15/2022 3mo USD L+228 bps
Series B 369604BN2 USD 12/3/2015 perpetual 64,149 4.10% 12/15/2022 3mo USD L+232 bps
Series C 369604BP7 USD 12/3/2015 perpetual 94,743 4.20% 6/15/2023 3mo USD L+237 bps
Series D 369604BQ5 USD 1/20/2016 perpetual 5,694,493 5.00% 1/21/2021 3mo USD L+333 bps

For more information about General Electric Company’s perpetual preferred stock, please click here.

Trust Preferred

  Currency Issued date Maturity Local Currency Coupon Call date Coupon after call date
I USD 3/2/2010 11/15/2067 813,072,000 6.375% 11/15/2017 3mo USD L+228.9 bps
II EUR 3/3/2010 9/15/2067 620,440,000 5.500% 9/15/2017 3mo Euribor +200 bps
III GBP 3/4/2010 9/15/2067 87,475,000 6.500% 9/15/2017 3mo GBP L +200 bps
IV EUR 3/5/2010 9/15/2066 727,500,000 4.625% 9/15/2016 3mo Euribor +160 bps
V GBP 3/6/2010 9/15/2066 107,043,000 5.500% 9/15/2016 3mo Euribor +161.5 bps

Hybrid Securities

 

Currency Issued date Maturity Local Currency Coupon Call date Coupon after call date
USD 11/15/2007 11/15/2067 1,686,928,000 6.375% 11/15/2017 3mo USD L+228.9 bps
EUR 9/15/2007 9/15/2067 879,560,000 5.500% 9/15/2017 3mo Euribor +200 bps
GBP 9/5/2007 9/15/2067 512,525,000 6.500% 9/15/2017 3mo GBP L +200 bps
EUR 9/15/2006 9/15/2066 222,500,000 4.625% 9/15/2016 3mo Euribor +160 bps
GBP 9/15/2006 9/15/2066 292,957,000 5.500% 9/15/2016 3mo Euribor +161.5 bps

Holders of Subordinated Notes Due 9/19/2035: Replacement Covenants

 

Summary (PDF, 13KB)

August 2015 Replacement Covenant, as amended (PDF, 57KB)

November 2007 Replacement Covenant, as amended

September 2007 Replacement Covenant, as amended

September 2006 Replacement Covenant, as amended

 

Commercial Paper

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Commercial paper is short-term unsecured senior debt issued in the open market by both financial and nonfinancial companies with strong credit ratings. It's one of the oldest and most widely used money market instruments in the U.S. and in markets around the world.

GE Commercial Paper Fast Facts (PDF, 42KB)

Rate Information

Our rates are available electronically

Source Page
Bloomberg DOCP
Wall Street Journal Section C-Money Rates
GE Capital (800) 525-5471

Range of Maturities

Commercial paper is generally offered from 1 to 270 days.

Minimum Investment Amount

The minimum is $100,000 for transactions with a term of seven days or more.  For transactions with a term of one to six days, the minimum amount is $500,000.

Fees

There are no fees. GE Capital issues commercial paper directly. When sold this way to an institutional investor, there is no fee, spread or commission paid to GE Capital.

Custodial Account

GE Capital settles its commercial paper transactions through the Depository Trust Company (DTC), the central securities depository subsidiary of the Depository Trust and Clearing Corporation (DTCC). GE Capital's issuing and paying agent bank will deliver the commercial paper transaction in book entry form to the custodian via DTC.

Placing a Transaction

Transactions can be completed by phone via a sales representative. Alternatively, an institutional investor may place a transaction online through Bloomberg (DOCP).

Can I buy commercial paper as an individual investor?

Individual Investors can not buy commercial paper directly. GE Capital sells its commercial paper directly to institutional investors only. There are other investment options available to the individual investor in the Personal Investing section of the web site.

Contacts

For more information about commercial paper call +1 800 525 5471

Securitizations

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Public ABS Transactions

Commercial Lending & Leasing

Floorplan

To view documents for private transactions, please log into the password protected Web site here. Contact Lisa Capodici for login credentials.

Covered Bonds

Tax Issue Price for 2015 GECC Note Exchange


 

No Offer or Solicitation

The information contained on this web site is provided for informational purposes only, and does not constitute an offer to sell or the solicitation of an offer to buy any security or debt instrument. Furthermore, none of the information contained on this web site is incorporated into any materials accompanying an offer to sell or solicitation of an offer to buy any security or debt.

Information Subject to Change and May Contain Dated Information

General Electric Company, General Electric Capital Corporation, and their officers, employees, and affiliates reserve the right to amend or revise any information contained on this web site at any time without notification. Program and transaction documents contained herein may be amended, supplemented, or otherwise modified from time to time. The documentation is subject to change without notice. The information contained on this web site is current only as of the date the information was originally issued. We have undertaken no obligation, and have assumed no responsibility, to update the information contained in any materials on this web site for facts or events arising after the date the materials were originally prepared. General Electric Company, General Electric Capital Corporation, and their officers, employees, and affiliates assume no responsibility for damages incurred in connection with the use of the information contained herein.

Non-Deposit Products

The securities and debt instruments described on this web site are not FDIC insured and are not bank deposits, obligations or guarantees. As described above, they may lose value.