GMAC-RFC yesterday closed its latest and largest securitisation valued at £1.5bn through its RMAC programme.
This is GMAC-RFC's 15th transaction in the UK RMBS market, and total issuance since 1998 now exceeds £7.8bn. This is the second mixed collateral deal to involve prime, near-prime and non-conforming collateral and the first to involve a tranche intended to be eligible for investment under Rule 2a-7 of the US Investment Company Act of 1940.
Stephen Hynes, capital markets director at GMAC-RFC, says: “We are delighted to bring to market our largest deal under the RMAC programme. It gives investors an opportunity to see our prime and near-prime collateral together with our non-conforming loans, which we have securitised in the programme previously.
“The deal was extensively marketed across the UK, Europe and the US and we are delighted with the response from investors particularly from the 2a-7 investors in the US. This transaction demonstrates our commitment to being a creator and trader of mortgage assets.”