Bank of Queensland has not been able to secure the same tight spread as other second-tier bank issuers in the securitisation market this year. On Friday, its latest issue of residential mortgage-backed securities, Series 2013-1 Reds Trust, was priced at a wider margin than recent issues by Bendigo and Adelaide Bank, Suncorp and ING Direct.BOQ will pay 110 basis points over the one-month bank bill swap rate for the A$620.5 million A1 tranche of the issue, which has a weighted average life of 3.2 years.A month ago, Bendigo and Adelaide Bank priced the $460 million A tranche of its latest issue, which has a weighted average life of 3.5 years, at 95 bps over the swap rate.In May, Suncorp priced the $1 billion A tranche of Apollo Series 2013-1, which has a weighted average life of 3.4 years, at 95 bps over swap.And, in March, ING Direct priced the $930 million A1 tranche of its Idol Trust Series 2013-1, which has a weighted average life of 3.2 years, at 95 bps over swap.BOQ was not able to match the pricing of CUA's recent RMBS deal. Last month, CUA priced the $627.7 million A tranche of its Series 2013-1 Harvey Trust, which has a weighted average life of 3.5 years, at 100 bps over swap.Among the other tranches of the BOQ issue, pricing on the $170 million A2 tranche, with a scheduled maturity of three years, was 115 bps over swap.Pricing on the $42.5 million AB tranche, which has a weighted average life of 6.8 years, was 220 bps over swap.Pricing on the $12.7 million B1 tranche, which has a weighted average life of 6.8 years, was 320 bps over swap.And, pricing on the $4.2 million B2 tranche, which has a weighted average life of 6.8 years, was 360 bps over swap.Again, spreads on these tranches are wider than the margins paid by other second-tier bank issuers this year.The bank said that 23 investors participated in the deal.