Pepper Group has completed its second issue of non-conforming residential mortgage-based securities for the year, raising A$800 million at a lower margin than its issue in March.The transaction's senior Australian dollar securities, the $201 million of A1-a notes, were priced at a margin of 149 basis points over the bank bill swap rate. Back in March, the equivalent notes were priced at 170 bps over the bank bill swap rate.Pepper upsized the deal from $600 million at launch, with 11 domestic and nine offshore investors participating. Pepper said the transaction "largely completes" its term funding program for 2016.The US$175 million of A1-ua notes, which have a weighted average life of 1.3 years, were priced at 110 bps over Libor. The US$58.2 million of A1-ub notes, which have a WAL of 3.9 years, were priced at 150 bps over Libor.A fixed rate tranche, A1-F, worth A$52.7 million and with a WAL of 3.9 years, was priced at 3.3 per cent.The A$101.6 million of A2 notes, which have a WAL of 2.1 years, were priced at 220 bps over swap, and A$76 million of B notes, which have a WAL of 3.8 years, were priced at 290 bps over swap.Pricing on the C, D, E, F and G notes, worth a total of A$62.4 million, was not disclosed.