Paratus Issues First Investor Placed RMBS
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.