Car finance firm Bluestone raises €50m through fifth security issuance

Bluestone Asset Finance has raised €50 million in its fifth asset-backed security issue in Ireland, bringing total finance advanced to date to €167 million.

The car finance company said the latest transaction involves the issuance of listed securities backed by 3,631 loan agreements originated by Bluestone during 2018 and is secured on a mix of new and used motor vehicles and light commercial vehicles.

The securitisation was made through a designated activity company called Topaz Asset Finance 2018-B1 DAC.

Bluestone has been operating in the Irish market since 2011, when it bought a €350 million asset finance portfolio from Bank of Scotland. The company's asset finance lending business launched in late 2014 and distributed products through motor dealers and financial brokers.

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In aggregate the company has advanced €167 million in finance to customers since April 2016. It announced its fourth-asset-backed security issue, totalling €40 million, at the start of 2018.

Donal Murphy, the company's managing director, said Bluestone had enjoyed sustained growth this year with absolute volumes rising 20 per cent.

“We now have 620 approved motor dealer partners and have expanded our team in Dublin to support our growing business offering. Although sales in the new car market are down per cent year on year, Bluestone continues to grow volumes, with increased activity in the used car segment which remains strong,” he said.