This is GMAC-RFC's 14th transaction in the UK RMBS market, and total issuance since 1998 exceeds £6.3 billion.
Tranches:
A1a Notes - £100,000,000
A1b Notes - US$120,000,000
A1c Notes - •125,000,000
A2a Notes - £160,000,000
A2b Notes - US$200,000,000
A2c Notes - •240,000,000
A3 Notes with A3 detachable coupons £75,000,000
This transaction has been divided into seven publicly funded tranches. The issued notes, which have been given the highest long-term ratings by Standard & Poors, Moody's Investors Service and Fitch Ratings Ltd, are equivalent to £750 million sterling, and have been issued in the following denominations:
Euros: •365,000,000
Sterling: £335,000,000
US Dollars: $320,000,000
Stephen Hynes, Capital Markets Director at GMAC-RFC said:
"The latest transaction from the RMAC programme demonstrates the continuing appeal of the UK non-conforming mortgage market to investors in RMBS, where GMAC-RFC is the UK's leading player."
Stephen Hynes continued:
"We are particularly pleased with the introduction of new investors in the RMAC programme as we continue to broaden the investor base across the three major currencies."
The notes are backed by a portfolio of UK residential 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 on the notes.
The issuance was lead managed by Bear Stearns and Deutsche Bank, and co-managed by Barclays Capital, HSBC, The Royal Bank Of Scotland, Credit Suisse First Boston, Merrill Lynch & Co and GMAC-RFC's broker dealer GMAC-RFC Securities Europe.
For further information on GMAC-RFC please visit www.gmacrfc.co.uk
