New Issue-GMAC prices $1.5 bln car loan-backed ABS

Newswire

NEW YORK, Feb 19 (Reuters) - General Motors Acceptance Corp. (GMAC), General Motors Corp's finance unit, priced on Thursday $1.5 billion in asset-backed securities supported by car loans it made, a source close to the deal said on Thursday. The deal's class of two-year, fixed-rate notes, totaling $640 million, was priced at a yield spread of 2 basis points above the rate on two-year interest rate swaps, the source said.

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