This is GMAC-RFC’s 19th transaction in the UK RMBS market, and total issuance since 1998 exceeds £10.9 billion. This makes GMAC-RFC the 3rd largest issuer of European RMBS* year to date.
This deal is backed by 29.11% Prime, 7.79% Near-Prime and 63.10% Non-Conforming mortgages. This transaction has been divided into twelve publicly funded tranches denominated in UK £ sterling, US $ and Euros and utilises a Senior/Subordinated structure.
Stephen Hynes, Capital Markets Director at GMAC-RFC said: “This deal further confirms an extremely successful year of issuance for RMAC. We have given investors the opportunity to invest across three currencies at various credit levels in senior subordinated format. Strong investor demand meant that we were able to increase the size of the deal by £100 million from £1 billion to £1.1 billion. This transaction further demonstrates our commitment to being a creator and trader of mortgage assets.”
The issuance was lead managed by The Royal Bank of Scotland and Credit Suisse First Boston and co-managed by GMAC-RFC’s broker dealer GMAC-RFC Securities Europe.
