There has been talk in the market for a little while now that Bendigo and Adelaide Bank would be the next to follow ME Bank with a prime non-AOFM backed RMBS issue. Standard & Poor's on Friday released preliminary ratings on the A$500 million Torrens Series 2009-3 Trust RMBS issue while the bank outlined the issue via the ASX. There is nothing innovative about the simple three-tranche structure. The Class A tranche is rated AAA and comprises A$457.5 million of notes; the Class AB tranche is also rated AAA with A$29 million of notes; and the Class B tranche is rated AA- and has A$13.5 million of notes.One distinctive feature is that Bendigo will list the Class A notes on the ASX (presumably the other two tranches will not be listed) but whether this will provide any real additional secondary market liquidity, given that this is still a wholesale issue with a minimum parcel size of A$500 million, is unclear. Nevertheless, the bank is hoping that demand will be such that it can upsize the issue.