GMAC RFC may have priced $300 million of mortgage-backed bonds yesterday, Bloomberg reported. GMAC's been seeking a buyer for the securities, or alternatively a buyer of its loan book, for many weeks in order to refinance warehouse funding provided by Westpac.
Bloomberg reported the interest spread on $150 million of senior bonds at 300 basis points over one month swap. It isn't clear what the spread is on a second tranche, while the spread was 1350 basis points over swap on the final, subordinated tranche.
GMAC RFC is a financier of mainly non-conforming loans, and marketed in part through its subsidiary Capital First.