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Bluestone completes inaugural securitisation with £210m fund raising

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  • 02/09/2019
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Bluestone completes inaugural securitisation with £210m fund raising
Bluestone Mortgages has announced the completion of its inaugural residential mortgage backed securitisation, Genesis 2019-1.

 

The transaction, which raised £210m of rated term funding follows Bluestone’s year-on-year increase in completions of 275 per cent. Over the past 12 months the business has processed in excess of £520m in mortgage applications. 

The Genesis transaction represents a diversification in the company’s funding strategy alongside two warehouse facilities provided by Macquarie Bank and National Australia Bank together with a forward flow arrangement with one of the UK challenger banks.  

The bonds issued as part of Genesis were rated by both DBRS and Standard and Poors rating agencies. The portfolio consisted of 1,091 mortgages with a weighted average loan to value of 67 per cent. 

Peter McGuinness (pictured), group CEO at Bluestone, said: “Securitisation has been core to Bluestone’s DNA since 2000, with the wider Bluestone group having completed in excess of 25 transactions across residential and equity release mortgages and motor finance loans.  

“Completing Genesis before the end of the summer has been the target and is a testament to the quality of the portfolio we have originated; we are delighted to welcome a new set of institutional investors to the platform.”

 

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