NEW YORK, June 26 (Reuters) - General Motors Corp. and its finance unit GMAC on Thursday launched the dollar-denominated portion of a jumbo bond sale, setting yields at the tight end of earlier price guidance, market sources said.
General Motors plans to sell $1 billion of 10-year notes yielding 375 basis points more than Treasuries, compared with an expected range of 375 to 380 basis points. It is also expected to sell $1 billion of 20-year bonds yielding 383 basis points more than Treasuries, compared with an expected 383 to 408 basis points, and $3 billion of 30-year bonds yielding 400 basis points more than Treasuries, compared with an expected range of 400 to 405 basis points.
GM's finance unit, General Motors Acceptance Corp., is expected to sell $1 billion of three-year notes yielding 290 basis points more than Treasuries. A range of 290 to 295 basis points more than Treasuries was expected.