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Accueil » Bourse de Paris » Communiqués
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Gmac-rfc collecte 301,5 millions d'euros gréce à la premiére titrisation en cession parfaite en allemagne

Catégorie : , Grece

Source : Hugin Posté dans la rubrique le 24/06/2005 à  11:55


 grece

Business Editors

WIESBADEN, Germany--(BUSINESS WIRE)--June 23, 2005--GMAC-RFC a levé des fonds s'élevant à 301,5 millions d'euros sur les marchés internationaux en procédant à la titrisation de ses prêts hypothécaires résidentiels allemands à travers une entité juridique néerlandaise portant le nom de E-MAC DE 2005-1 B.V. La mise sur le marché de la transaction a eu lieu en mai 2005 et a entraîné un nombre conséquent de souscriptions parmi les investisseurs internationaux. Elle a également intéressé un large éventail d'acteurs sur la scène européenne.

GMAC-RFC raises EUR 301.5 million with first German True-Sale securitization

WIESBADEN, Germany--(BUSINESS WIRE)--xx--GMAC-RFC has raised EUR 301.5 million in the international markets by securitizing its German residential mortgage loans through a Dutch legal entity named E-MAC DE 2005-1 B.V. The transaction was marketed in May 2005 and has received solid subscription levels among international investors as well as wide distribution across Europe.This German mortgage-backed bond is a "true securitization" or "true sale," meaning GMAC has successfully navigated complicated German fiscal-, transfer- and data privacy legislation to repay bond investors with cash from its German mortgage portfolio. Typically, German structured finance deals use credit derivatives to transfer risk from the loan originators to the end investors

"We are proud to bring the first true de-linked German securitization after years of only synthetic transactions," says Ferdinand Veenman, Managing Director of GMAC-RFC's Continental Capital Markets Group.

"This gives institutional investors an opportunity to diversify their portfolio with first lien home loans originated in Germany, a real estate market that is well regarded for its stability." The loans backing the transaction have been exclusively originated in the last year by GMAC-RFC Bank GmbH, a division of GMAC-RFC, a leading U.S.-based real estate finance company

"This transaction reflects the strong development of our business model in Germany since February 2004. Listening to the market and to our partners needs is the foundation of our success story," says Dr Matthias Bergmann, Country Head of GMAC-RFC Germany, "and it will be in the future." The bond proceeds are EUR 301.5 million (US$364.2 million).

The bond, E-MAC DE 2005-I, is the third issue for GMAC-RFC under the E-MAC program in 2005, and the first for GMAC-RFC using collateral originated by its German origination platform, GMAC-RFC Bank GmbH

Deutsche Bank was the sole lead manager for the offering.

The bond's settlement date is June 23, 2005

All five of the publicly offered tranches have been rated by Standard & Poors, Moody's and Fitch.

The privately placed class F note has been rated by Standard & Poors and Fitch.

The transaction is fully de-linked from GMAC-RFC, its U.S. parent, or GMAC-RFC's parent company, GMAC Financial Services

The securitization pool consists of 100% first lien residential mortgage loans.

All loans in the portfolio are serviced by Aareal Hypotheken-Management GmbH

With an outstanding mortgage volume of approximately EUR1.083 trillion, Germany is the second largest mortgage market in Europe, after the United Kingdom.

GMAC-RFC views Germany as a core market with its growing home ownership levels (currently at 41% in comparison to 67% in the U.S.), combined with the increasing need from German home buyers for more differentiated mortgage products

GMAC-RFC recently issued bonds in the United Kingdom and the Netherlands

.

Since 1999, GMAC-RFC has issued more than EUR 24 billion of mortgage-backed securities in Europe.

The company also securitises loans in the United States, Canada and Latin America.

The following are the terms and conditions for E-MAC DE 2005-I:

E-MAC DE 2005-I

Note  
Rating  
Amount  
% of total  
Payment  
WAL  
Legal  
Repayment  
Spread  
Class  (S/M/F)  (in EUR)  put option  Window  -1  Maturity    Basis  
     notes            
A  AAA/Aaa/AAA  259,200,000  86.4%  Aug2005-May2012  5.35  2052  Sequential  3m EURIBOR  
             -2    
B  AA/Aa2/AA  18,600,000  6.2%  May2012-  6.96  2052  Sequential  3m EURIBOR  
       May2012      -2    
C  A/A1/A  9,900,000  3.3%  May2012-  6.96  2052  Sequential  3m EURIBOR  
       May2012      -2    
D  BBB/Baa2/BBB  9,300,000  3.1%  May2012-  6.96  2052  Sequential  3m EURIBOR  
       May2012      -2    
E  BB+/Ba1/BB+  3,000,000  1.0%  May2012-  6.96  2052  Sequential  3m EURIBOR  
       May2012      -2    
F  BB/-/BB  1,500,000  0.5%  May2007-  2.10  2052  Sequential  3m EURIBOR  
       nov-07      -2    
TOTAL    301,500,000              

Notes:

(1) Assumes a CPR of 6%, Mandatory Redemption from the Target Amortisation Date and a 10% clean-up call

(2) Switches to pro rata type of repayment if certain conditions are satisified under the Target Amortisation Date

(3) Amortisation through Excess Spread starting May 2007

About GMAC-RFC

GMAC-RFC Bank GmbH is a wholly owned subsidiary of GMAC-RFC, which is based in Minneapolis, Minnesota, USA.

The banking operations are based in Wiesbaden, Germany

GMAC-RFC is a wholly owned subsidiary of Residential Capital Corporation, which, in turn, is owned by the General Motors Acceptance Corporation (GMAC), which, in turn, is owned by General Motors Corporation. Residential Capital Corporation recently obtained investment grade ratings from Moody's, Standard & Poors and Fitch.

This document is not being issued in the United States and should not be distributed to U.S. persons (as defined in Regulation S under the Securities Act of 1933) or publications with a general circulation in the United States.

This document is not an offer of securities for sale in the United States or to U.S. persons.

Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.

GMAC-RFC does not intend to register the securities or conduct a public offering in the United States

CONTACT:

GMAC-RFC

Ferdinand Veenman, +31 70 356 7911 E-mail: Ferdinand.veenman@gmacrfc.nl

or

Matthias Bergmann, +49 611 988 4100 E-mail: Matthias.bergmann@gmacrfc.de

KEYWORD: GERMANY UNITED KINGDOM NETHERLANDS INTERNATIONAL EUROPE

SOURCE: GMAC-RFC




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