Recent shockwaves in the credit market have not impacted on the $350 million sale of mortgage-backed bonds by Adelaide-based credit union Australian Central, with managing director Peter Evers, "exceptionally pleased with the pricing" for the inaugural bond.The Light Trust No.1 $338 million Class A, or senior, notes have been rated AAA by Standard & Poor's and priced at a margin of 17 basis points over the one month swap rate. The subordinated class B tranche was priced as 23 basis points over swap.The Class A notes have a weighted average life of 2.7 years, with the Class B notes having a weighted average life of 5.7 years.Evers said the pricing reflects the high quality offering to the market, which is very well seasoned with low delinquency ratios."We were able to go to the market before last week's extreme volatility, although there was some volatility out there during road shows, the deal was closed before last week's extremes."We had bids for far in excess of what we were offering, and that came in at a very sharp price for our first offering. No pricing re-negation took place whatsoever."Evers believes the success of the RMBS was due to the high loan quality, with an average loan size of $136,000 and average loan seasoning of 29 months, supported with fully verified loan documentation at 100 per cent, with the portfolio consisting of no line of credit and a tiny proportion of interest-only loans."The market pressure has been on lower quality loans, like low documentation and so on, and we are starting to see a more sensible approach to pricing of these loans", said Evers."When these were originally launched there was a premium to take up this product and that seems to have disappeared in recent times, and I think we will start to see some of this return as we see pricing for risk as distinct from pricing for lending."