Clifden launches £2bn tender for legacy UK mortgage bonds

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By Owen Sanderson
09 Jan 2018

Clifden IOM No. 1, a real estate-focused hedge fund, has launched a tender for UK RMBS bonds totalling £2bn from the RMAC series, which were issued before the crisis by non-conforming lender GMAC-RFC. The fund has stayed tight-lipped about its strategy, but some see it as an attempt to seize control of the collateral, following an announcement before Christmas that the original sponsors could call the deals.

Clifden, through its spokespeople, refused to offer any details on the rationale for the tender, beyond saying that it already held “significant positions in respect of each series of the RMAC notes, including majority positions in respect of a number of series”, and that it “wishes to increase ...

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