Wednesday, September 17, 2008

GM, UBS, Sears Short-Term Debt Costs Soar

Short-term debt costs for General Motors Corp., UBS AG and Sears Holdings Corp. soared as the oldest U.S. money-market fund, Reserve Primary Fund broke the buck and froze redemptions.

General Motors today posted a rate of 5.25 percent for seven-day commercial paper, 1.25 percentage points more than yesterday.UBS, Switzerland's biggest bank, is offering a rate of 3 percent on the seven-day paper, up 1 percentage point .Sears is offering 3.63 percent, or 0.33 percentage point more than yesterday, to issue 30-day commercial paper.

-EPJ Newsdesk

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