Macquarie Leasing launched the first securitisation for 2012 late last week - its fifth in the US debt market. Through the SMART Series 2012-1 US Trust, Macquarie Bank's leasing arm is seeking to refinance US$413 million in car and truck receivables. The trust is being sliced into 12 tranches, with all bar the seller's tranche (equal to 1.9 per cent of the pool) rated by Moody's and Fitch.Macquarie Bank, meanwhile, is pressing on with marketing for its mooted sale of US$500 million in hybrid securities.The pricing range under discussion at the end of last week was between 600 and 700 basis points over swap.