GMAC-RFC and GMAC Commercial Mortgage are planning large European securitizations this year. GMAC-RFC should be the first to market with a £1 billion residential mortgage-backed securitization. GMAC Commercial is expected to bring out its first European commercial mortgage-backed deal through its conduit program later in the year, say London-based bankers. "In 2002, GMACCM Europe completed in excess of E1 billion in European transactions. Our current pipeline is very strong, and we are very optimistic about 2003. We see securitizations playing an increasingly active role in financing in Europe," says James Dalton, president of GMAC Commercial in Dublin.
Last year, GMAC-RFC priced two RMBS deals--one for £600 million and the other for £530 million. However, this year's deals--there should be two--will both be in the £1 billion range, mainly because of a dramatic increase in lending activity, says a GMAC-RFC official. He declined to say when the deals would surface.
Deutsche Bank and Barclays Capital have been mandated for the first £1 billion transaction, say bankers. Calls to Richard Boath, co-head of securitization at Barclays were referred to the press office by his assistant. A Barclays spokeswoman could not comment by press time. A Deutsche Bank spokeswoman declined to comment.
GMAC Commercial is seeking to start a commercial mortgage-backed securitization program and has purchased a portfolio of commercial mortgages in the U.K. That transaction was executed through the Dublin office, says the GMAC official. GMAC Commercial Mortgage also has an office in France.