For the second time this month issuers of residential mortgage-backed securities have been able to complete their transactions without the support of the Australian Office of Financial Management. Two weeks ago, ME Bank's SMHL Securitisation Fund 2012-2 raised A$800 million without AOFM investment, and yesterday ING Direct announced that it had issued $1 billion of RMBS securities without AOFM involvement.ING Direct's issue, the IDOL Trust Series 2012-2, included a US dollar tranche and a five-year fixed rate tranche. The issue was backed by prime residential mortgages.ING Direct will pay 100 basis points over three-month US Libor on the US$280.3 million A1 tranche, which has a weighted average life of 2.4 years.Pricing on the A$550 million A2 tranche, which has a weighted average life of 2.7 years, is 135 basis points over the one-month bank bill swap rate.ING Direct's treasurer, Michael Witts, said the US dollar funding had been swapped back into Australian dollars at a similar margin to the A2 notes. The US dollar tranche was a first for an IDOL Trust issue.Both ME Bank and ING Direct have been able to issue major tranches at margins of 135 basis points over swap - confirming that RMBS margins have come in since the middle of the year, when notes were being offered at 155 and 160 basis points over swap.Pricing on the A$100 million A3 tranche, which has a weighted average life of five years, is at a fixed rate of 4.7 per cent.Pricing on the AB, AC and B tranches, which make up a total of A$80 million, was not disclosed.The deal was upsized from A$500 million offered at issue. ING Direct's deputy treasurer, Peter Casey, said there was renewed interest in RMBS from domestic and offshore investors.Citigroup Global Markets Australia and Macquarie Bank were the joint arrangers.