LONDON, June 26 (Reuters) - General Motors , the world's largest automaker, sold euro and sterling bonds on Thursday as part of a multi-currency debt sale expected to exceed $16.5 billion in size.
The deal, which includes euro, sterling and dollar bonds and securities convertible into GM shares, is expected be the largest single corporate fundraising in the bond market. Investor bids for the offering were said on Wednesday to have topped $30 billion.
General Motors Corp sold a one billion euro 10-year bond with a 7.25 percent coupon at 99.447, giving a spread of 340 basis points over swaps, an official at one of the lead managing banks said.
The company also sold a 1.5 billion euro 30-year bond with an 8.375 percent coupon, giving a spread of 380 basis points over swaps, the official said.
BNP Paribas, Deutsche Bank and Morgan Stanley lead managed General Motors Corp's euro bonds.
Financing unit General Motors Acceptance Corp sold a 1.5 billion euro two-year floating-rate note, paying a coupon of 175 basis points over Euribor and priced at 99.515 to give a spread of 200 basis points over Euribor.
GMAC also sold a 1.5 billion euro five-year bond with a six percent coupon, priced at 99.6 to give a spread of 300 basis points over swaps.
GMAC's euro bonds were lead managed by Merrill Lynch, Deutsche Bank and Lehman Brothers.
Another unit, GM Nova Scotia Finance Co, sold two sterling bonds via Barclays Capital, Goldman Sachs and Merrill Lynch.
It priced a 350 million pound 12-year bond with an 8.375 percent coupon at 99.506, to give a spread of 396.5 basis points over Gilts, and a 250 million pound 20-year bond paying an 8.875 percent coupon at 99.917, to yield 423.6 basis points over Gilts.