Clifden beefs up tender in last-ditch attempt to stop RMAC call

Clifden IOM Holdings has beefed up its tender offer for several pre-crisis non-conforming RMBS issues, in a last-ditch attempt to fend off the redemption of the bonds by their originator. With the hedge fund offering 105, investors have every reason to hit the bid, but the clock is ticking, as the originator has already activated the call.

  • By Owen Sanderson
  • 20 Feb 2018
Paratus AMC, now owned by Fortress, but previously a part of GMAC-RFC, told the market just before Christmas that it was considering calling the deals from the Residential Mortgage Acceptance Corp (RMAC) series, a UK non-conforming RMBS issued from 2003 to 2005, as well as the RMAC bonds ...

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2 JP Morgan 4,494 5 9.83
3 Citi 4,296 9 9.40
4 Bank of America Merrill Lynch (BAML) 3,067 11 6.71
5 Lloyds Bank 2,346 10 5.13

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3 Wells Fargo Securities 39,671.56 116 7.73%
4 JPMorgan 39,226.50 111 7.64%
5 Credit Suisse 30,786.36 73 6.00%