GM long bonds hit record low after GMAC loss

Newswire

NEW YORK, July 31 (Reuters) - General Motors Corp's benchmark long bonds hit a record low below 50 cents on the dollar on Thursday after finance company GMAC reported a $2.48 billion second-quarter loss. GM's 8.375 percent bonds due in 2033 traded as low as 49.5 cents on the dollar, a record low in the institutional market, before bouncing to 50.9 cents, according to MarketAxess. They had closed on Wednesday at 51.5 cents on the dollar. (Reporting by Dena Aubin; Editing by Tom Hals) ...

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