The spreads on securitised assets have started to narrow markedly over the past month, with this week's $300 million Puma issue the best RMBS pricing this year.But the general manager debt markets at Perpetual, Chris Green, said pricing was still too high for most specialist lenders to contemplate issuing.Perpetual is the leading provider of trustee services to the securitisation market and has been involved in most of the RMBS and other asset backed issues in the local market this year.BNY, the other provider of trustee services to the securitisation market, was involved in a St George vehicle finance receivables deal.Green said the consensus among lenders was that pricing needed to be below 75 basis points over bills before most specialist lenders would return to the capital market for funding.Green said: "Pricing is not yet at a point where the majority of non-bank lenders would see it as a sustainable funding source."On Monday Macquarie Group's mortgage securitisation vehicle Puma yesterday priced a $315 million note issue. The senior notes of Puma Masterfund P-15 were sold at the 30-day bank bill swap rate plus a margin of 110 basis points. Mortgages in the portfolio were all prime full doc loans.Two weeks ago Puma sold $270 million in low doc loans at a spread of 180 basis points over swap.In May, Citibank priced a $500 million RMBS issue, Securitised Australian Mortgage Trust 2008-1 at the bank bill swap rate plus 145 basis points.Green said: "The Puma deal at 110 over will certainly encourage more non-bank lenders to test the waters. Issuers may decide to do deals at that price but they could not continue to issue at that level and be profitable."