New Issue-GMAC sets $3 bln auto loan ABS deal

Newswire

NEW YORK, May 25 (Reuters) - General Motors Acceptance Corp., the finance arm of General Motors Corp. , priced a largely oversubscribed $3.0 billion offering of asset-backed securities secured by auto loans, a source familiar with the deal said on Wednesday. The deal, which met with strong demand by investors, had garnered orders twice the offering size before pricing, market sources said. Citigroup, BNP Paribas and HSBC were lead managers for the deal, the source said. The following ...

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