Investors have plenty of appetite for non-conforming mortgage-backed securities, with three deals being completed over the past two months. The latest issue to be priced is Bluestone's Sapphire XII Series 2003-1, which raised A$153.4 million in funds.Last week, Resimac raised $350 million with an issue backed by a significant proportion of non-conforming loans.And, in October, Pepper Australia raised $350 million with an issue backed by a mix of low-doc and credit-impaired loans.The Sapphire XII Series 2003-1 is supported by a pool of non-conforming loans originated by Bluestone between 2003 and 2008. More than half the loans were made to credit-impaired borrowers.Bluestone will pay 140 basis points over the one-month bank bill swap on the $99.7 million A1 tranche, which has a weighted average life of 2.6 years.Pricing on the $26 million A2 tranche, which has a weighted average life of 2.6 years, was 250 bps over swap.Pricing on the $5.9 million B tranche, which has a weighted average life of 4.7 years, was 325 bps over swap.Pricing on the $6.75 million C tranche, which has a weighted average life of 4.7 years, was 400 bps over swap. And pricing on the $4.6 million D tranche, which has a weighted average life of 4.7 years, was 480 bps over swap.Pricing on the E, F, G and H tranches was not disclosed.Resimac is paying 120 basis points over the one-month bank bill swap rate on the $245 million A1 tranche of the Bastille Series 2013-1NC, which has a weighted average life of 2.1 years.Almost half (44.5 per cent) of the mortgages backing the Resimac issue are non-conforming loans. Low-doc loans make up 82.3 per cent of the portfolio.Pepper is paying 120 basis points over the one-month bank bill swap rate on the $227.5 A1 tranche of Pepper Residential Securities Trust No.11, which has a weighted average life of 2.4 years.Around 40 per cent of the assets backing Pepper's RMBS are low-doc loans, and another 40 per cent are credit-impaired loans.