Bluestone launches Prime 2022-1 RMBS transaction

Monday, 09 May 2022

Disclosure type: launch
Issue name: Bluestone Prime 2022-1 Trust
Sponsor: Bluestone
Announcement date: 9 May 2022
Expected pricing date: as early as 11 May 2022
Arranger: National Australia Bank
Lead managers: Commonwealth Bank of Australia, ING, Macquarie Bank, NAB
Collateral type: prime residential mortgage-backed securities
Indicative volume: A$500 million (US$356 million)

Bluestone Prime 2022-1 Trust structure and indicative price guidance

Tranche	Indicative volume (A$m)	Expected rating	Weighted-average life (no. of years)	Initial credit support (per cent)	Indicative price guidance (bp/1m BBSW)
A1S	100	AAA/Aaa	0.5	12.5	80 area
A1L	337.5	AAA/Aaa	2.9	12.5	130 area
A2	31	AAA/NR	3.8	6.3	180 area
B	9	AA/NR	3.8	4.5	220 area
C	8.5	A/NR	3.8	2.8	250 area
D	6	BBB/NR	3.8	1.6	280 area
E	3.5	BB/NR	3.8	0.9	460 area
F	2.5	B/NR	3.7	0.4	675 area
G1	1.2	NR/NR	3.9	0.16	ND
G2	0.8	NR/NR	3.9	N/A	ND

Source: National Australia Bank 9 May 2022

Tranches A2 to F are no longer available.