Macquarie Group has returned to the United States asset-backed securities market for the first time since May last year and has found margins have become a little finer in that time.Yesterday, Macquarie announced the pricing of SMART Series 2014-1US Trust, an issue of automobile lease receivables originated by Macquarie Leasing. It raised US$500 million and issued A$76 million in Australian dollar-denominated tranches (which were all retained by Macquarie).When Macquarie went to the US market last year, it paid 26 basis points over international Libor on the A1 tranche of the deal. In the latest deal it is paying 22 bps over Libor on the top tranche.In most cases, pricing on the US dollar tranches issued in the latest deal is lower by four or five bps.