GMAC bonds rally after government bailout

Newswire

NEW YORK, Dec 30 (Reuters) - GMAC bonds rallied early Tuesday after the government agreed to buy $5 billion in equity in auto and mortgage finance company GMAC and increase a loan to General Motors by $1 billion. GMAC's 8 percent bonds due 2031 tightened by 238 basis points to trade at a spread of 1,262 basis points over Treasuries, according to Tradeweb, a service of Thomson Reuters. (Reporting by Ciara Linnane;Editing by Chizu Nomiyama

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