Issuance in the mortgage-backed securities market is certainly well ahead of where it was this time last year, though the number remains small with the year-to-date total now at A$2.5 million. Last year there was no issuance until March.So far this year the deals are emerging at a steady pace, as smaller lenders queue up to tap the improved investor demand.Last week Credit Union Australia launched and priced a A$650 million (upsized from A$500 million) RMBS issue, via Series 2010-1 Harvey Trust. The issue comprised A$611 million of Class A1 notes, rated 'AAA/AAA' by S&P and Fitch, with a 2.9-year weighted average life and priced at 135 basis points over bank bills; A$26 million of Class A2 notes, rated 'AAA/AAA', with a 5.1-year weighted average life and priced at 185 bps over; and A$13 billion of Class B notes, rated 'AA-' by S&P (and not rated by Fitch) with a 5.1-year weighted average life. AOFM bought A$143 million of the Class A1 notes.