La Trobe Financial has completed its second transaction in the securitisation market this year, raising A$500 million to add to the $1.25 billion it raised in May. This time around it got better pricing.

La Trobe will pay 100 basis points over the bank bill swap rate on $90 million of A1S notes, which have a weighted average life of 0.4 years.

In the May deal, the A1S notes were priced at a margin of 120 bps. The two tranches are not directly comparable; in May the A1S notes had a weighted average life of 0.7 years.

Pricing on $260 million of A1L notes in the latest deal, which have a weighted average life of 3.1 years, was 175 bps over BBSW.

In May, pricing of the A1L notes (with a weighted average life of 3.2 years) was 195 bps.

Pricing on $77 million of A2 notes in the latest deal, which have a weighted average life of 4.8 years, was 195 bps over BBSW.

In May, pricing of the A2 notes (with a weighted average life of 3.2 years) was 275 bps.

La Trobe said 84 per cent of the issue was placed with real money investor and 59 per cent went to international investors.

The underlying mortgage pool was a little different from the usual issuance. It had a higher proportion of investment loans (90 per cent), of which 35 per cent was “super-prime” self-managed superannuation fund loans.

The Australian Office of Financial Management was not directly involved in either of La Trobe’s RMBS issues this year.