Bendigo and Adelaide Bank launched its second, prime, mortgage-backed securities bond for the year on Monday. The issue, via TORRENS Series 2010-2 Trust, is for $750 million in securities and follows on from the $1.1 billion TORRENS Series 2010-1 issue in March 2010.Indicative pricing details emerged for the deal yesterday and appear very ambitious given the levels achieved in March, prior to the outbreak of the latest turmoil in global financial markets, and in the light of the levels achieved by ME Bank last Friday. Tranches and indicative pricing are as follows: 70 basis points over bank bills for the A1 tranche with a weighted average life of only four months; 100 bps over bills for the second $295 million tranche with a life of 1.5 years; and 105 bps over bills for the third, $40 million tranche with a life of 3.0 years. Suggested pricing is not yet clear on either the fourth tranche, for $239 million with a weighted life of 5.7 years, or on two subordinated tranches for $41million and $15 million. All tranches in the bond are provisionally rated AAA except for the most subordinated tranche, which carries a provisional rating of AA-.The Class A2 tranche with a weighted life of 1.5 years is the closest comparable tranche to Class A1 and A2 tranches issued by SMHL Securitisation Fund 2010-2E for ME Bank on Friday. The SMHL tranches had weighted average lives of just over 1.5 years but priced at 105 bps over bank bills, in the case of the Australian dollar denominated Class A2 tranche, and at 120 bps over Libor in the case of the United States dollar denominated Class A1 tranche. After allowing for the basis swap the Australian dollar equivalent pricing on this latter tranche could exceed 150 bps.Comparison with the March 2010 RMBS for Bendigo is awkward because the cash flows are sliced differently, but the pricing on the most comparable tranche on the earlier TORRENS issue was 135 bps over bank bills.The indicative pricing on the Class A3 tranche of the current issue, at 105 bps over bank bills, looks like wishful thinking but the tranche size of just A$40 million suggests a buyer has already been lined up. Perhaps it is the Australian Office of Financial Management.The Class A4 tranche with a life of 5.7 years is more in line with recent AOFM participations.   Bendigo is expected to price the latest TORRENS trust later this week.