Mortgage originator Resimac closed its first deal in the RMBS market since 2006 yesterday, when it priced a $609 million transaction, Resimac Premier Series 2008-1. The transaction included an unusual feature - a $47 million short-term note maturing in December 2009. That tranche was priced at 65 basis points over the 30-day bank bill swap rate.All other tranches are floating rate pass-through notes with a legal final maturity of 2039.The $325 million A2 tranche was priced at 120 basis points over swap, the $204.7 million A3 tranche was priced at 140 points over swap and the $15.2 million AB tranche was priced at 170 points over.The pricing of the $17.1 million B tranche (rated AA-) was not disclosed.Resimac Premier Series 2008-1 was the fourth securitisation deal to be supported by the Australian Office of Financial Management. The AOFM invested $500 million in the deal.The transaction was arranged by nabCapital. Barclays Capital and nabCapital were joint lead managers.Resimac director of securitisation Mary Ploughman said the balance of the transaction had been sold to three local investors. Ploughman said: "We could have made it bigger. We turned some orders back because it would have taken the pricing wider. "We are going to use this money to write mortgages and we do not want to write them at a loss."Ploughman praised the government's initiative in giving the AOFM $8 billion to invest in primary RMBS. "It is not perfect but they have agreed to evolve the process."The loan pool in the trust is made up of 2775 mortgages with an average size of $216,437. The weighted average LVR is 69.7 per cent and the average loan seasoning is 27 months.