GMAC prices $300 million RMBS

GMAC-RFC reportedly priced a RMBS deal yesterday worth $300 million.

According to Bloomberg, $150 million AAA-rated securities were sold at 300 basis points over the one month bank bill swap rate. $152.8 million of lower-rated securities were sold at yield margins of as much as 1,350 basis points on $4 million of unrated debt.

GMAC-RFC declined to comment on the deal, stating its policy was “not to comment on market speculation”.

“It is a process GMAC-RFC has engaged in for the past 22 years and which has supported global securitisation issuance of over US$963 billion in this time,” the funder said.

Published: 21-05-08