A record year for RMBS
The year 2013 is already a record year for post-GFC mortgage-backed bond issuance, with A$25 billion being sold so far this year. However, of this amount, only A$1.4 billion was in the form of sub-prime or non-conforming RMBS at the start of last week.The total for non-conforming RMBS issuance is about to increase though, with two new issues launched last week.Resimac returned with a Bastille Series 2013-1NC issue seeking to raise A$250 million and priced a A$350 million deal on Friday on a heavily oversubscribed transaction.And the Bluestone Group returned to the market for the first time since December 2007. Its new issue, via Sapphire XII Series 2013-1 Trust, is seeking to raise A$153 million.