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GM's bonds hit record low after quarterly loss

NEW YORK
Fri Aug 1, 2008 9:38am EDT

NEW YORK (Reuters) - General Motors Corp's benchmark long bonds traded at a record low on Friday after the automaker posted a worse-than-expected $15.5 billion quarterly loss.

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GM's 8.375 percent bonds due in 2033 dipped to 46 cents on the dollar, an all-time low in the institutional market, before bouncing to 47 cents, according to MarketAxess. They closed on Thursday at 49 cents.

GM burned through $3.6 billion in cash in the second quarter as it ran down inventory of slower-selling vehicles in its slumping home market.

(Reporting by Dena Aubin; Editing by Theodore d'Afflisio)
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