The securitisation is valued at £1.25billion and was through its RMAC Securities No.1 Plc shelf. This is GMAC-RFC’s 25th transaction in the UK RMBS market, and total issuance since 1998 exceeds £15billion.
The transaction is backed by 100 per cent first lien, non-conforming mortgages and has been divided into eleven tranches denominated in Sterling, US Dollars and Euros using a Senior/Subordinated structure.
Stephen Hynes, capital markets director at GMAC-RFC, said: “This deal rounds off a successful year of issuance for the RMAC programme bringing the total for 2006 to £3.9billion. We continue to see interest in our programme from investors in all three currencies.”
