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GMAC-RFC completes largest securitisation deal

GMAC-RFC and the Kensington Group have both announced mortgage-backed securitisation deals.

GMAC-RFC&#39s 15th and largest-to-date transaction is valued at £1.5bn and is the lender&#39s second mixed collateral deal to involve prime, near-prime and non-conforming collateral.

GMAC-RFC capital markets director Stephen Hynes says the deal gives investors an opportunity to see the lender&#39s prime and near-prime collateral together with non-conforming loans, which have been securitised in the programme previously.

Kensington Group&#39s deal sees it launch its latest £700m mortgage-backed securitisation. Residential Mortgage Securities 18 includes a tranche of bonds targeted at money market investors.

Kensington Group finance director Simon Kingdon says: “Market demand for Kensington&#39s securitisations has continued to strengthen. The RMS 18 pricing has resulted in a significant reduction in our cost of funds. Morgan Stanley and The Royal Bank of Scotland, joint lead managers, continued to broaden and deepen the global investor base and have achieved excellent results.”


Sainsbury&#39s pulls out of mortgage market

Sainsbury&#39s Bank has pulled out of the mortgage market although it denies this is due to insufficient interest from customers, claiming it has taken a step back to look at its product range. The bank is no longer selling mortgages to new customers but it is concentrating on other financial products such as loans, credit […]

Two new managing directors for PIFC

Employee benefits and HR constancy PIFC is appointing David Tildesley as managing director of its corporate consulting division and Peter Taylor as managing director of its corporate benefits division. Tildesley joins from Prudential where he was business to business director, successfully growing market share within the Prudential&#39s pension practice against difficult market conditions. Taylor returned […]

L&G named life insurer of the year

Legal & General has been named life insurer of the year for the fifth year in a row at the British Insurance Awards, held at the Royal Albert Hall. L&G has won the title six times in total.

Friends places shares worth 10 per cent to fund takeover

Friends Provident has placed ordinary shares worth 10 per cent of its existing share capital to fund its takeover of fund manager F&C, formerly Foreign & Colonial. In a stock exchange announcement this morning, the life office has placed 172,405,671 shares. It follows its announcement also today that Isis, the fund manager it owns 67 […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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