The pace of activity is accelerating in the securitisation market, with three deals priced last week taking the March issuance to date total to more than $3.6 billion: the largest monthly total since June 2007. And at least one more deal is on the way.The surprise issue of the week was a private placement by Macquarie Securitisation of $1.2 billion in securities through the Puma Masterfund S-8. The issue was out of the ordinary, in terms of what is now ordinary, not just because it was privately placed, but because 46 per cent of the underlying mortgages are low doc loans. However, the Puma private placement turned out to be an agreed restructure of a warehouse facility.The four tranche Puma issue comprised: $119.8 million of Class A1 notes rated 'AAA', with a 0.2-year weighted average life and priced at 80 basis points over bank bills; A$898.7 million of Class A2 notes rated 'AAA', with a 2.9-year WAL and priced at 165 bps over; A$119.8 million of class AB notes rated 'AAA'; and A$60 million of Class B notes rated 'AA-'.    Investor demand was such that the RMBS issue by Bendigo and Adelaide Bank, through the Torrens Series 2010-1 Trust, was upsized to almost A$1.1 billion, from A$650 million at launch, but pricing remained as expected. Investors bought: A$1.0 billion of Class A notes rated 'AAA/Aaa' with a 2.8-year weighted average life and priced at 135 bps over bank bills; A$66 million of Class AB notes rated 'AAA' with a WAL of 4.9 years; and A$16.5 million of Class B notes rated 'AA-', also with a WAL of 4.9 years. Unusually, as it has become the practice this year, pricing was not disclosed for the Class AB tranche. The Australian Office of Financial Management did participate in the Torrens issue, taking up $123 million of the Class A notes. While Bendigo and Adelaide Bank is not one of the five mortgage originators with whom AOFM will undertake serial RMBS purchases, AOFM bought the RMBS under its reverse enquiry facility.Colonial First State was able to sell the Class A1 (2010) notes of its Colonial First State Capital Management Pty Ltd Series 1 (2007) issue five bps tighter than initially indicated. The pricing on the A$370 million of 'AAA' rated notes came in at 235 bps over bank bills. Also issued was A$313 million of 'A-1+' rated Class A2 commercial paper. The new issue has a scheduled maturity of March 2013 and a final legal maturity of March 2015.BankWest returned to the market with the launch of a A$620 million RMBS issue via Series 2010-1 Swan Trust. This is the first issue by BankWest since it was acquired by Commonwealth Bank early last year and according to our records it is the first RMBS issue by the bank since the Series 2007-1E Swan Trust issue in May 2007.The issue will comprise: A$586 million of 'AAA' rated Class A notes with a 2.9-year weighted average life; A$23.4 million of 'AAA' rated Class AB notes