Advanced Theory & Practice of Bonds

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1-2 December 2021

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GE in a press release said that it plans to split into three separate public companies focused on Aviation, Healthcare and Energy. GE intends to spin off GE Healthcare to create “a pure-play company at the center of precision health… GE Renewable Energy, GE Power and GE Digital will combine into one business positioned to lead the energy transition… GE will then become an aviation-focused company shaping the future of flight”, CEO Larry Kulp said.

Following the spin-off transactions, the aviation-focused company will retain other assets and liabilities of GE today, including run-off insurance operations. Upon closing the GE Healthcare transaction, GE expects to retain a stake of 19.9% in the healthcare company to provide capital allocation flexibility. GE Healthcare might also issue debt and use proceeds to pay down outstanding GE debt. GE added that the changes come on the back of an increase in its financial position strength that includes ~ $75bn reduction in gross debt from 2018-2021.

GE’s bonds were flat – its 4.1% Perp was at 93.04, yielding 11.1%.

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