GMAC-RFC Netherlands has initiated activity in the region, issuing its first Dutch RMBS transaction last week.

The EURO350 million ($346.3 million) transaction debuts the securitization team, which set up office in the region two years ago. Sources familiar with the deal said the market should expect to see a succession of similar transactions to follow. "GMAC plans on being a repeat issuer, and securitization will be a major source of funding in this market - we expect to see them in the market at least two times a year," said a spokesperson at Schroder Salomon Smith Barney, the sole book runner on the deal.

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