Midday Commentary: Secondary market sees GE Capital notes flat; Macy's trades weaker

By Aleesia Forni

Columbus, Ohio, Nov. 15 - Thursday's secondary market saw General Electric Capital Corp.'s $1 billion of 1.6% five-year notes trade flat from issue price at 100 bps bid, 98 bps offered, a market source said.

The Norwalk, Conn.-based funding arm of General Electric Co. sold the notes to yield Treasuries plus 100 bps on Wednesday.

In other trading, Macy's Retail Holdings Inc.'s notes due 2023 were quoted at 132 bps offered.

Though the source had not seen levels on the notes due 2032, she added that they were in the area of 162 bps bid to 165 bps bid, according to Trace data.

Macy's sold the $750 million of 2.87% 10-year notes at a spread of Treasuries plus 130 bps and the $250 million tranche of 4.3% 30-year bonds at a spread of 160 bps over Treasuries on Wednesday.

The department store holding company is based in Cincinnati.

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