Clifden ups bid for RMAC bonds under threat of legal action

Investors have been urged to accept a beefed up tender offer from hedge fund Clifden IOM Holdings for several pre-crisis non-conforming UK RMBS deals from the RMAC shelf, despite originator Paratus AMC threatening legal action against anyone that goes along with Clifden's move.

  • By Bill Thornhill
  • 22 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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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 9,725 17 21.27
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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1 Citi 60,171.95 171 11.52%
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3 Wells Fargo Securities 39,794.15 117 7.62%
4 JPMorgan 39,624.65 113 7.59%
5 Credit Suisse 30,978.90 74 5.93%