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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1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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3 Wells Fargo Securities 17,497.83 53 9.04%
4 JPMorgan 13,323.94 44 6.88%
5 Credit Suisse 10,691.12 19 5.52%