An off balance-sheet vehicle sponsored by an affiliate of GMAC, the automotive and real estate finance business owned by US distressed debt firm Cerberus Capital Management, has broken a near three-month logjam in the European primary issue market for asset-backed securities with the successful sale of €700m ($994m) of bonds referencing Dutch residential mortgages.

The transaction by the special purpose vehicle, called E-MAC, has re-opened the public primary issue market for asset-backed securities for the first time since the start of August.