While financial market ructions have brought corporate bond issuance to a standstill in recent weeks, there has been a steady flow of structured finance deals. The Credit Union Australia Series 2013-1 Harvey Trust transaction was upsized and priced last week, and two new transactions were launched.Nevertheless, the pace of structured transactions is well down on that seen earlier in the year. In February, A$5.5 billion of structured notes were sold, followed by a further $2.8 billion of notes in March.May was also a reasonably good, with A$3.2 billion of notes being sold, but at the moment it appears unlikely that June will reach the same volume.Structured credit has enjoyed a resurgence in investor demand this year, as investors became aware of the good yields still on offer in the sector and corporate bonds became relatively expensive. More recently, the same comparison has been made with covered bonds and some investors have switched out of covered bonds and into structured products.Nevertheless, spreads on structured notes have contracted sufficiently to attract more issuers to the market, and, for most issuers, RMBS covered bonds are not an option. But the credit spread contraction may be about to end.Credit spreads are widening again in global credit markets and we will not be immune. The second half of 2013 may be much quieter for corporate bond and structured note issuance than the first half.   CUA's Series 2013-1 Harvey Trust transaction was upsized to A$675 million from $500 million on strong investor demand. Bendigo and Adelaide Bank was next to market with a A$500 million prime RMBS issue. The issue comprises $460 million of Class A notes, $30 million of Class AB notes, $7.5 billion of Class B1 notes and $2.5 million of Class B2 notes.As the name implies this is the second issue from Bendigo and Adelaide this year. The first was in February and raised A$850 million, with the Class A notes being priced at 95 basis points over bank bills.Later in the week, Liberty Financial launched and priced its first SME commercial loan securitisation since 2011, via Liberty Series 2013-1 SME. The loans are backed by a combination of commercial and residential mortgages.The transaction is relatively small, with a total size of just A$250 million.The Class A1 notes amount to $164.5 million, have a weighted average life of 1.5 years and are priced at 150 bps over bank bills. The Class A2 notes are priced at 200 bps over bank bills with a weighted average life of 3.5 years and amount to $28 million.Pricing was not disclosed on the other seven subordinated tranches.