| Autos get back in gear |
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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.
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