Resimac has followed ME Bank into the United States' 144a market with its latest issue of residential mortgage-backed securities, the Premier Series 2012-1. Resimac, which priced its issue on Friday, is paying 50 basis points over US Libor on US$250 million of one-year, hard-bullet notes - the A1-A tranche.Resimac's head of securitisation, Andrew Marsden, said that on a "delivered basis" the A1-A US dollar tranche will cost the equivalent of 75 basis points over the one-month bank bill swap rate.In April, ME Bank created a very similar structure for its A$1 billion RMBS - the SMHL Securitisation Fund. A US$420 million tranche was designed for US money market investors.Resimac will pay 165 basis points over the one-month bank bill swap rate on the A$198 million A2 tranche, which has a weighted average life of 2.4 years. It will pay 285 points over swap for the $25 million AB tranche, which has a weighted average life of 4.4 years.Pricing on the $17.5 million B1 tranche and the $2.5 million B2 tranche was not disclosed.The total transaction size was $500 million. The Australian Office of Financial Management bought $137 million of the A2 notes.Marsden said eight real money investors participated in the issue.He said the overall cost of the issue would end up around the level of other recent issues, which have been in the 150 to 155 basis point range.The transaction was jointly arranged and managed by JP Morgan and National Australia Bank.