Investors in Macquarie Group's latest SMART securitisation have accepted payment of less than the Libor rate for the A1 tranche of the deal, which means they are taking less than banks charge each other for funds.The bulk of SMART Series 2012-2US was denominated in US dollars and sold to US money market investors in the 144A market.Notes issued in the SMART Series (this is the 15th, and the sixth denominated in US dollars) are backed by vehicle lease receivables.The US$100 million A1 tranche, which has an expected life of 0.4 years, was priced at International Libor less 22 basis points. Six other US dollar tranches (A2a to A4b), worth a total of US$400 million, were priced against Libor, international swaps rates and eurodollar synthetic forward rates. All US dollar tranches, a mix of fixed and floating rates, were given expected ratings of AAA by Fitch and Moody's.Macquarie did not disclose the "landed" (or "delivered") rate for the US dollar notes. Pricing on an additional A$62 million of lower-rated notes (tranches B to E and seller notes) was not disclosed.A Macquarie executive said US issuance is better value for money than local issuance in the current market.Macquarie's last SMART issue was in March, when it raised US$500 million.