UPDATE 1-GMAC to offer $3 bln auto loan ABS - market source

Newswire

(Adds background and details on GMAC deal) NEW YORK, May 25 (Reuters) - General Motors Acceptance Corp., the finance arm of General Motors Corp., will price $3.0 billion of asset-backed securities secured by auto loans, a source familiar with the deal said on Wednesday. The bond deal, already twice oversubscribed, is expected to price on Wednesday, market sources said. Citigroup, BNP Paribas and HSBC will serve as lead managers for the offering, the source said. The offering is the ...

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