The steady fall in the pricing of residential mortgage-backed securities this year has spilled over into the asset-backed securities market, with Bank of Queensland issuing securities backed by vehicle finance receivables at a significantly lower margin than recent equivalent deals.BOQ announced yesterday that it increased the size of Series 2014-1 REDS EHP Trust from A$500 million at the launch earlier this week to $950 million.The bank will pay 68 bps over the one-month bank bill swap rate on the $760 million of A notes, which have a weighted average life of 1.7 years.Pricing on the $41.8 million of B notes, which have a weighted average life of 2.1 years, was 100 bps over the swap rate. Pricing on the other tranches was not disclosed.In June Macquarie Group priced the top tranche of a Smart ABS issue at 80 bps over the swap rate. Like the REDS issue, Smart ABS Series 2014-2E trust was backed by vehicle and equipment receivables.Last December Westpac priced the top tranche of a Crusade ABS issue at 80 bps over swap.