Bluestone Mortgages has become the second non-conforming mortgage financier to issue term debt in the Australian market, and has done so in style by launching the first public deal to include an interest-only strip.

The transaction, arranged by Westpac Institutional Bank, provided one of the few signs of life in a market suddenly grown quiet after a busy first quarter. It consisted of a A$134 million package of mortgage-backed securities sold through the Sapphire Series 2002-1 Trust.

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