Midday Commentary: General Electric Capital notes trade wider; American Campus slightly weaker

By Aleesia Forni

Virginia Beach, Va., March 27 - The high-grade secondary market saw General Electric Capital Corp.'s recent notes widen on Wednesday following a tightening of 18 basis points on Tuesday, one trader said.

The notes were quoted 25 bps wider compared to levels seen Tuesday.

In other secondary action, American Campus Communities Operating Partnership LP's recent notes weakened 1 bp.

GE Capital notes widen

A trader saw General Electric Capital's notes 25 bps weaker at 95 bps bid, 93 bps offered early Wednesday.

The notes were quoted at 72 bps bid, 69 bps offered on Tuesday following Monday's pricing with a spread of 90 bps over Treasuries.

The sale also included $400 million of five-year floating-rate notes priced at par to yield Libor plus 71 bps.

The funding arm of General Electric Co. is based in Norwalk, Conn.

American Campus tightens

In other trading, American Campus Communities' $400 million 3.75% 10-year notes were quoted 1 bp wider at 178 bps bid, 174 bps offered during the session.

The notes were sold at a spread of Treasuries plus 187.5 bps on Monday.

The real estate investment trust for student housing is based in Austin, Texas.

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