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Bluestone to issue two RMBS deals

Staff Reporter 1 minute read

Bluestone is set to brave the capital markets in what may be the first major RMBS deals of 2008, The Australian Financial Review reported today.

Founder of the non-conforming lender Alistair Jeffery said Bluestone is hoping to issue two small deals in the next few weeks.

“It takes a brave originator to make loans not knowing what the cost of funding is,” Mr Jeffery said.

The deals are intended to be the first of three or four deals; Bluestone is looking to raise $750-$800 million through securitisation over the year.

To increase the appeal of its mortgage-backed securities, the lender is lowering its loan book’s level of risk.

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The maximum LVR has been reduced to 90 from 96 per cent while the proportion of mortgages with a LVR of more than 80 per cent have been cut from 40 to 20-25 per cent of total loans.

Published: 03-03-08

Bluestone to issue two RMBS deals
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