Clifden tries stalling tactics, but RMAC called regardless

Clifden IOM No. 1, the fund which attempted an audacious raid on the reserve funds of several non-conforming UK RMBS bonds from the RMAC series, asked on Friday for the issuers and trustees to hold back a “reserve amount” from the redemption of the deals on Monday. But the bid failed, and the bonds will be redeemed as Paratus AMC wanted.

  • By Owen Sanderson
  • 12 Mar 2018
Last Monday, Clifden revealed that its strategy for the RMAC bonds, for which it launched a tender in early January, would be to add “make whole provisions” to the bonds, ensuring note holders got paid between 2.25 points and 4.25 points on top of the redemption of their ...

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