The highlight of a quiet week in domestic credit markets last week was the launching, upsizing and pricing of the first prime mortgage-backed securities issue in more than a month. The upsizing of AMP Bank's Progress 2016-1 Trust issue to A$750 million from $500 million at launch points to a recovery in demand for a product that has seemed out of favour this year.AMP Bank priced the A$690 million of Class A notes with a weighted average life of 3.2 years, at 123 basis points over 30 day bank bills. This is ten bps tighter than where similar notes priced in early August for Bendigo and Adelaide Bank's Torrens Series 2016-1 Trust.The Progress 2016-1 Trust transaction also included $37.95 million, $12.9 million, $8.1 million and $1.05 million of Class AB, B, C and D notes. The notes all have a WAL of 5.6 years and priced at 180 bps, 220 bps, 315 bps and 505 bps over bank bills, respectively.The Class D notes are unrated.The AMP RNBS launch last week (and rumours of another issue coming) highlights the relative dearth of RMBS issuance seen so far in 2016.  Asset backed issuance as a whole, across all classes, totals just $13.0 billion to the end of August. At the same time last year, the total stood at almost $22 billion.Moreover, the data shows that it is prime RMBS issuance, or the lack of it, that is holding back the asset backed sector overall.  Sub-prime or non-conforming RMBS issuance - at $2.4 billion for the year to date - is already above the $2.2 billion of issuance seen in all of 2015. ABS issuance at A$3.0 billion year to date is running just a little below the trend that saw issuance reach A$4.4 billion last year. But RMBS issuance based on "prime" home loans - at $7.5 billion - is well behind the $22.5 billion seen last year.