(Bloomberg) -- The financial arm of General Motors Co. joined a rush of borrowers selling high-grade debt Monday ahead of a seasonal late-December slowdown after signing a term loan agreement last week. 

The automaker is selling $3 billion of notes in two parts, according to a person with knowledge of the matter. The longest portion of the offering, a 10-year security, will yield 1.85 percentage point over Treasuries, said the person, who asked not to be identified as the details are private, after initial talks of 2.1 percentage points.

The debt sale started with a five-year floating rate note as well, which is rare as most mature in three years or less. However, the tranche was later dropped. A representative for the company declined to comment.

The offering comes after GM last week inked an agreement that allows it to borrow from four term loans that can’t exceed the amount of $3 billion, according to a filing. The same day, GM announced its biggest-ever stock buyback plan — $10 billion in total — as Chief Executive Officer Mary Barra promised better days are ahead. GM also boosted its dividend 33% and reinstated earnings guidance after accounting for costs of its new labor contract.

Read more: GM Commits Billions to Shareholder Returns as EV Push Stalls (1)

JPMorgan Chase & Co., Lloyds Banking Group, Mizuho Financial Group, Royal Bank of Canada, Sumitomo Mitsui Banking Corp., and Societe Generale are leading the bond sale, the person said. 

GM joins a flurry of issuers Monday, including Wells Fargo & Co. and Toronto-Dominion Bank, as at least seven borrowers rush to access a relatively attractive funding environment before the usual holiday lull sets in later in December. Dealers estimate $30 billion to $35 billion of new bond sales, with most coming in the first two weeks of the month.

(Updates with size and pricing margin in the second paragraph and dropping of a tranche in the third paragraph.)

©2023 Bloomberg L.P.