GMAC-RFC has closed its latest securitisation, valued at 800m, through its RMAC programme.
It is GMAC-RFC’s 17th transaction in the UK RMBS market, and total issuance since 1998 exceeds 9bn. This deal is backed by 41% prime/near prime and 51% non-conforming mortgages.
This transaction has been divided into five publicly funded tranches all denominated in UK sterling and utilises a senior/subordinated structure.
Stephen Hynes, capital markets director at GMAC-RFC, says: “This deal rounds off a successful year of issuance for RMAC in which we have given investors the opportunity to invest across three currencies – sterling, euros and US dollars through notes collateralised by a range of collateral at various credit levels in wrapped and unwrapped format.
“This transaction further demonstrates our commitment to being a creator and trader of mortgage assets.”
The issuance was lead managed by Deutsche Bank and Merrill Lynch & Co and co-managed by GMAC-RFC’s broker dealer GMAC-RFC Securities Europe.