Paratus Issues First Investor Placed RMBS

Register now

Paratus AMC formerly GMAC-RFC, priced the senior notes from its £120 million ($183 million) nonconforming deal, Virgil Mortgage No. 1.

Standard & Poor’s assigned preliminary ratings to the first investor-placed U.K. RMBS of the year, and the first U.K. nonconforming RMBS since Sept. 2012.

The transaction securitizes first-ranking mortgage loans that are nonconforming owner-occupied and buy-to-let loans secured against residential property located in England, Scotland, and Wales.

The capital structure offered investors £71 million, ‘AA’ rated notes that priced at 225 basis points over the three month Libor, according to Informa Global Markets. The structure also includes £53 million of unrated class B notes.

Natixis is lead manager on the deal.

 

For reprint and licensing requests for this article, click here.