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General Motors Co. is selling bonds in its latest move to shore up liquidity in the pandemic.

The automaker is issuing debt in three parts, according to a person with knowledge of the matter. The longest portion, a seven-year security, may yield around 7 percentage points above Treasuries, the person said, asking not to be identified as the details are private. That’s well in-line with high-yield levels.

GM has suspended shareholder payouts and and boosted borrowing to amass more than $33 billion of cash that should sustain the company through months of uncertainty. It’s currently in talks with banks to raise a new $2 billion loan, after recently drawing down on a $16 billion revolver.

The auto industry has been slammed with economies in lockdown, but Chief Executive Officer Mary Barra managed to turn a bigger-than-expected first-quarter profit, prompting speculation that GM could post positive earnings for the full year. Meanwhile, rival Ford Motor Co. is expecting to lose $5 billion this quarter, though it was recently still able to sell $8 billion of bonds in its first drive through the high-yield market in years.

Fitch downgraded GM to one notch to BBB- with a stable outlook Thursday, noting that while the company’s credit profile will remain weak in the shutdown, it should be able to maintain investment-grade ratings once the worst of the pandemic has passed. It’s also rated one step above junk at Moody’s Investors Service, while S&P rates GM one notch higher. Both of those ratings are on review for downgrade.

JPMorgan Chase & Co., Bank of America Corp., Barclays Plc, Citigroup Inc., Deutsche Bank AG, Goldman Sachs Group Inc. and Morgan Stanley are managing GM’s bond sale, the person said.

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