Some reasonable investor demand is also being seen in the asset backed securities market with the fourth issue for this year being priced on Friday. However, the same cannot be said for commercial mortgage backed securities. Capital Finance Australia Limited launched only its second ABS issue on Monday, via Bella Trust Series 2010-1. Capital Finance's first issue was via Bella Trust Series 2009-1, in November. Capital Finance is the finance company arm of Lloyds in Australia.With both issues only the Class A2 notes were sold to investors. The Class A2 notes in this latest issue amount to $500 million with a weighted average of 1.5 years and priced at 165 basis points over bank bills. In November 2009, $698 million of Class A2 notes were sold with a weighted average life of 1.2 years and were priced at 195 bps over bank bills.There was also news on the pricing of Macquarie Bank's SMART Series 2010-1 US Trust, s144A ABS issue. The deal, to refinance $420 million in vehicle loans, priced on the previous Friday after some slight restructuring - the Class A-2a and A-4a notes were eliminated from the structure and the other tranches slightly resized.Macquarie sold the first tranche of US$92 million, with a life of only a few months, at a spread of 15 basis points over Libor. It sold the US$148 million second tranche, with a weighted life of 1.13 years, at Libor plus 90 bps. The third tranche of US$50 million of fixed rate notes and US$95 million of floating rate notes, with a life of little more than a year, were sold at swap/Libor plus 110 bps. The final senior tranche with a life of 3.3 years the bank sold at Libor plus 150 bps.Each tranche in the SMART series is rated AAA. There was also $14.4 million of Class B notes, rated AA, retained by Macquarie.