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GMAC RFC has launched Series 2006-1, the first deal from its repeat issuer vehicle RMAC Securities No 1Plc, which parcelled pound(s)1.2bn of UK non-conforming mortgages across five tranches of euro, dollar and sterling notes.
The deal, lead managed by Deutsche Bank, Morgan Stanley and RBS, was upsized to pound(s)1.2bn from pound(s)1bn using prefunding.
The platform enables GMAC to issue transactions under a single prospectus, meaning new deals only require supplements describing the series. This enables the issuer to bring transactions to the market quicker and at lower costs, meaning it can launch smaller and more frequent deals.
The leads tightened guidance during marketing, revising the'M1' class notes from 27bp-29bp over Libor to 25bp-27bp, the'M2' notes from 50bp area to 47bp-49bp and the'B1' notes from high 80bp...