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Brief: Bluestone prices RMBS issue

Bluestone Group has completed its latest issue of non-conforming residential mortgage-backed securities, Sapphire XIV Series 2016-1 Trust, raising A$200 million. Pricing on the $92 million of A1a notes, with a weighted average life of 1.4 years, was 175 basis points over the 30-day bank bills. The $40 million of A1b notes (WAL of 4.04 years) were priced at 225 bps over bills. and the $30 million of A2 notes (WAL of 3.3 years) were priced at 275 bps over bills.

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