GMAC Financiera Prices RMBS

GMAC, a provider of warehouse lines to Sofoles in Mexico, priced this week a $121m RMBS deal in two tranches. The 320m UDI deal, wrapped by MBIA for 100% principal and interest, was split between a 321m UDI Series A piece and a Series B 19 million UDIs. They have a maturity of 28.7 years, a weighted average life of 8.1 years and a coupon of 3.99% and 6.03% respectively. The issue, which is backed by a pool of 4,000 locally originated mortgages, is rated AAA equivalent on the local scale by all three agencies. Some 20 local accounts including pension funds and mutual funds bought the first tranche and local banks also bought the second tranche. Barclays and ING led.