General Motors Acceptance Corp (GMAC) $1 billion five-year global: Merrill Lynch, JP Morgan
This debut global bond was more than twice oversubscribed and over half the bonds were sold outside the US. GMAC, which is rated A3/A-, was able through the deal to reach a wide number of international institutional investors. Before, its debt was sold mainly to retail investors. The pricing was sensible at 42bp over treasuries, and General Motors’ widely known name contributed to the overall success.
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