In July, GMAC returned to the unsecured market for the first time since having been downgraded to junk by Standard & Poor's and Fitch Ratings in May. There was no shortage of takers for its €500 million two-year fixed-rate issue led by Lehman Brothers and Citigroup – a €2 billion order book was built in little over an hour, proving that the auto financier is not purely reliant on the secured markets for funds. In May after the downgrade, GMAC had sold a $3 billion auto loan asset-backed securitization deal and in June it issued a $1 billion dealer floorplan securitization just a few days after...
