GM's $17bn stunner reveals the euro market's true depth

26 Jun 2003

General Motors and its financing arm GMAC stunned investors yesterday (Thursday) with a jumbo $16.9bn financing in euros, dollars, sterling, making it the biggest single financing in the history of the debt capital markets.

Moreover, the deal is a watershed for the euro market: it was the first major demonstration that the euro market has finally reached the point where it matches the US dollar bond markets in depth, the maturities available and competitive pricing.

In a bid to rid itself of nagging concerns about its ...

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