© 2024 Arizent. All rights reserved.

First Euro GMAC-RFC deal post downgrade hits

Off the heels of  the downgrade of its parent entity, GMAC-RFC, began marketing its first German true-sale RMBS to European investors this week. The deal expected to be in the €250 million ($321.15 million) to €350 million ($449.72 million) range, will be the first transaction issued after Standard & Poor's slashed the ratings of both GM and GMAC by two notches to double-B. GMAC has originated German mortgages for over a year, but the deal is expected to include an element of pre-funding, reported analysts at the Royal Bank of Scotland.

Developing...

For reprint and licensing requests for this article, click here.
MORE FROM ASSET SECURITIZATION REPORT