Bond market activity is poised to pick up after General Motors Acceptance Corp (GMAC), the finance arm of the US auto maker, ended a month-long drought of corporate benchmark deals in the euro market.

GMAC sold €1.5bn ($1.9bn) of bonds in a deal managed by Dresdner Kleinwort Wasserstein, Deutsche Bank and UBS. It was the first significant corporate bond issue this month - an unusually long dry-spell, even in a quiet market.