Liberty Financial has priced the first securitisation of its small-to-medium business loans for 2019. The Liberty Series 2019-1 SME transaction was upsized from a launch volume of A$400 million to $550 million on the back of strong investor demand across all seven tranches, according to a company statement. Peter Riedel, chief financial officer at Liberty, said strong investor demand saw the pricing tighten by 10 basis points for the A1 notes, and by 15 bps for the A2 notes, compared to a similar transaction last year. Riedel said the funds raised would be used to make further loans.Publicly disclosed pricing details for the latest deal - Liberty's eighth such transaction - were limited to the Aaa-rated notes:•    The $357.5 million Class A1 notes, rated Aaa(sf) by Moody's Investors Service, with a weighted average life of about 2.4 years, have priced at a margin of 135 basis points over one month BBSW.•    The $99.0 million Class A2 notes, rated Aaa(sf), with a weighted average life of about 3.6 years, priced at a margin of 175 basis points over one month BBSW.•    The pricing of the Class B, C, D, E and F notes, rated Aa1(sf), Aa2(sf), A2(sf), Baa3(sf) and B1(sf), respectively, was not disclosed.The collateral for the transaction consists of a pool of loans, either made to self-managed super funds for investment purposes, or to small and medium for businesses, secured by property. These loans have a weighted average loan-to-value ratio of 60 per cent. The Liberty Series 2019-1 SME transaction will settle on 10 October 2019. Westpac was the sole arranger, and was also a joint lead manager, along with Credit Suisse and Merrill Lynch International.