Specialist lender prices non-conforming RMBS

A $200-million residential mortgage-backed security has been priced by specialist lender Bluestone.

The Sapphire XV, secured by mortgages originated by the lender, is the second issuance of the year, following the April 2016 pricing of an RMBS of the same amount.

Bluestone's CEO for the Asia-Pacific region, Campbell Smyth, commented: “This is the second issuance for the firm this year, taking our 2016 total issuance to $400 million. 

“This facilitates the continuation of the triple-digit loan volume growth we have experienced since 2013 when we recommenced origination activity”. 

Mr Smyth added that the company was regaining its position as a major specialist lender, and currently writes around 10 per cent of all loans in this space. 

He added: “When it comes to how we are regaining this share. it revolves around our strong product proposition, service and our philosophy, which is to be innovative and excel at everything we do. 

“We consider ourselves to be the best when it comes to specialist lending. The fact that brokers are coming back to Bluestone in droves is a testament to this, along with the support we have seen from investors in capital markets.” 

Bluestone has said that it expects to be in the market with around two RMBS transactions each year, with transaction sizes growing in line with origination volumes. 

[Related: Lender’s self-employed mortgages rise by more than a third]

 

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Annie Kane

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