GMAC closes securitisation deal
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GMAC-RFC has closed its first securitisation for 2007 on June 27 2007, valued at £525m through its RMAC Securities Plc No.1 shelf.
This is GMAC-RFC’s 26th transaction in the UK RMBS market, and total issuance since 1998 exceeds £16bn.
The transaction is backed by 100% first lien, sub-prime 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, says: “We are very pleased with the investor response to our latest transaction across all three currencies, which brings total issuance to date for the RMAC programme to £16.5bn”.
