Further signs of life in the asset-backed securities market were evident yesterday as Macquarie Leasing launched a deal backed by commercial motor vehicle and equipment loans. Macquarie is seeking to sell $650 million in securities.A pre-sale report by Moody's Investors Service on the Smart Series 2008-1E Trust shows  the majority of receivables in the pool (94.8 per cent) are secured by motor vehicles that have experienced relatively high recovery rates.Against this, Moody's noted that the portfolio was relatively unseasoned, with a weighted average seasoning of only 3.95 months.There are 17,155 contracts in the portfolio with an average contract size of $37,510. Contracts include financial leases, commercial hire purchase agreements, chattel mortgages, government leases and novated leases. This is the fifth transaction arranged on behalf of Macquarie Leasing. St George Bank two months ago sold $340 million in commercial paper secured against a pool of car loans originated by the bank's finance arm.