GMAC-RFC in new securitisation

This is GMAC-RFC's 11th transaction in the UK RMBS market, and total issuance since 1998 exceeds £4.5 billion.

The bond has been divided into six publicly funded tranches. The notes, which have been given a triple A rating by Standard & Poors, Moody's Investors Service and Fitch Ratings Ltd, are equivalent to £500 million sterling, and have been issued in the following denominations: US Dollars - $411,000,000; Euros - e10,000,000; and Sterling - £248,000,000.

Stephen Hynes, Capital Markets Director at GMAC-RFC said: "This latest transaction valued at £500 million follows hot on the heels of our record breaking £1 billion issuance in March, and demonstrates the volumes that we are achieving in the non-conforming market.

"When we entered the UK securitisation market in 1998, it was a relatively new arena for a mortgage lender. Since then, using experience from our parent which is a world leader in the securitisation of non-conforming loans, we have built up a wealth of expertise, and have gained investor confidence through ten previous securitisations. This enabled us to broaden our investor base to its widest ever for this eleventh issue."