ING Direct priced its latest issue of residential mortgage backed securities on Friday, paying five basis points more for the top tranche of notes than it did when it last issued in October 2010. However, the latest issue has a longer weighted average life and the bank is happy with the trade-off.The A$748 million A1 tranche of IDOL Series 2011-1 was priced at 110 basis points over the bank bill swap rate. The weighted average life of the tranche is 3.63 years.ING Direct's chief financial officer, Glenn Baker, said the top tranche of last October's issue, IDOL Trust Series 2010-1, was priced at 105 basis points over swap but had a weighted average life of only 1.9 years.Baker said that until recently issuers had been structuring their deals so that short-dated tranches went to the market and the AOFM picked up the long-dated tranches.Part of the process of getting back to normal market conditions was to put fully weighted tranches on the market. "We are very comfortable with that aspect of our deal," Baker said.Baker said the bulk of the deal was taken up by balance-sheet investors. There were four local fund managers and one offshore manager.This issue raised $800 million in total - up from the $750 million announced at the launch last week. Pricing of the $32 million A tranche and $20 million AB tranche was not disclosed.