Investec Bank Australia will pay 135 basis points over the one-month bank bill swap rate for funding through an issue of asset-backed securities. Yesterday, the bank finalised the pricing of its second ABS transaction, Impala Trust No. 1 - Sub Series 2011-1.The issue, worth A$214.8 million, was 1.3 times over-subscribed, but Investec chose to scale back allocations to investors rather than upsize the deal.The $196.1 million class A tranche, with a weighted average life of 1.5 years and an expected rating of AAA from Standard & Poor's, was priced at 135 basis points over swap.The $4.4 million class B tranche, with a weighted average life of 2.2 years and an expected rating of AA, was priced at 210 basis points over swap. Pricing of the C, D and E tranches was not disclosed.Head of Investec Professional Finance, Barry Lanesman, said pricing on the top tranche was 30 basis points tighter than pricing on the first Impala deal last year.Lanesman said: "The market has improved and investors have got to know our paper, our assets and our credit people."Assets in the trust include fixed-rate car and equipment finance leases, commercial hire purchase agreements, goods' mortgages and practice loans to those in the health and accounting industries.Eleven investors participated in the deal - most of them financial institutions.Lanesman said the professional finance market had held up well. "Demand from medical professionals is pretty constant."