Non-conforming lender Bluestone successfully priced a A$408.9 million RMBS through lead arrangers Barcap and Westpac on Friday.
The Sapphire XI Series 2007-2 Trust included 1,344 non-conforming loans that have been seasoned for 11.98 months. The LTV was 75.49 per cent, with self-certified borrowers making up 71.4 per cent of the portfolio.
The tranches included: $204.4 million priced at 108bp over BBSW; $81.7 million at 165bp over BBSW; $58.3 million at 200bp over BBSW; $13.6 million at 265bp over BBSW; $14.6 million at 350bp over BBSW; $10.9 million at 450bp over BBSW; and $5.4 million at 650bp over BBSW. Pricing for two tranches were not disclosed.
Bluestone’s news comes hot on the heels of Pepper Homeloans' A$200 million non-conforming RMBS issue last month – the first non-conforming residential mortgage transaction in Australia since March 2007 and the first in either Australia or Europe since the August US sub-prime crisis.
Bluestone is believed to plan to return to market again in the second quarter of 2008.