This is GMAC-RFC’s 13th transaction in the UK RMBS market, and total issuance since 1998 exceeds £5.5 billion.
This transaction has been divided into five publicly funded tranches. The notes, which have been given the highest long-term ratings by Standard & Poors, Moody’s Investors Service and Fitch Ratings Ltd, are equivalent to £500 million sterling, and have been issued in the following denominations:
US Dollars $500,000,000
Sterling £206,000,000
Stephen Hynes, Capital Markets Director at GMAC-RFC said:
“This latest transaction valued at £500 million increases our total year to date issuance to over £2.5 billion, and demonstrates the volumes that we are achieving in the non-conforming market, where we are the UK’s number 1 lender”.
Stephen Hynes continued:
“When we entered the UK securitisation market in 1998, it was a relatively new arena for a mortgage lender. Since then, using experience from our parent, which is a world leader in the securitisation of non-conforming loans, we have built up a wealth of expertise, and have gained investor confidence through twelve previous RMAC securitisations, which has enabled us to broaden our investor base”.
The notes are backed by a portfolio of UK first lien residential non-conforming mortgage loans originated by GMAC-RFC. A financial guarantee is provided by AMBAC Assurance UK Ltd, which will ensure the timely payment of interest, and the ultimate payment of principal.
The issuance was lead managed by Barclays Capital, and co-managed by Deutsche Bank, Bear Stearns International Ltd, Merrill Lynch and Co and
GMAC-RFC’s broker dealer RFSC International.
