Redwood Trust ($18.77 -0.28%) sold bonds tied to $398 million of U.S. home loans without government backing and is working on a second deal this month as the real-estate investment trust leads a revival in sales of the securities.

Redwood’s latest offering tied to so-called jumbo mortgages was underwritten by Barclays ($18.83 0.07%) and included $368.8 million of debt granted top grades by Moody’s Investors Service, Kroll Bond Ratings Inc. and Fitch Ratings, according to a person familiar with the transaction who declined to be identified because they weren’t authorized to speak about the sale.