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Specialist lender issues $650m in RMBS in 12 months

Bluestone Mortgages has closed its third RMBS transaction in 12 months for $250 million, bringing total RMBS issuance to over $650 million for the year.

In a statement marking the 24 May transaction, the specialist lender said the deal had attracted significant interest with tranches over-subscribed and the deal wholly sold to real money accounts.

The portfolio composition was in line with previous deals, with low investor (17.6 per cent), interest-only (17 per cent) and non-metro exposures (16.8 per cent). A total of 16 domestic and offshore investors invested in the transaction.

Bluestone’s Asia Pacific CEO, Campbell Smyth, said the company’s focus on its specialist lending product portfolio had been a successful strategy that had sustained a year-on-year growth rate of over 100 per cent, since they returned to market in 2013.

“This is a result of channelling our efforts to support start-ups and self-employed borrowers, being in tune with their evolving demands and consistently providing products that are highly appealing to the sector,” he said.

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Mr Smyth attributes the substantial product uptake to Bluestone’s focus on designing products for the self-employed sector and finding solutions that don’t discriminate based on trading history. Bluestone Mortgages expects product uptake to increase in the future as the SME sector evolves.

[Related: Non-bank prices $1bn RMBS transaction]

Specialist lender issues $650m in RMBS in 12 months
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