The securitisation market appeared to take a step back yesterday, when Citibank priced its A$760 million Securitised Australian Mortgage Trust 2011-1 at a significantly higher spread than other recent issues.The $646 million of class A notes, which have a weighted average life of 2.83 years, were priced at 115 basis points over the one-month bank bill swap rate.During the past couple of weeks, Commonwealth Bank priced the $2.25 billion class A1 tranche of its Medallion Trust Series 2011-1 at 95 basis points over swap. And Community CPS has priced its inaugural mortgage securitisation, the $300 million Barton Series 2011-1. The $195 million class A1 tranche, with a weighted average life of 1.6 years, has been priced at 95 basis points over swap.Citi Australia's director of capital markets origination, James Arnold, said the Citibank issue was not directly comparable with these other deals. "We made a decision to do a deal that was representative of our balance sheet," Arnold said.This meant that 8.5 per cent of the mortgages in the trust were low-doc loans. SAMT 2011-1 may be the first RMBS issue since the financial crisis to include low-doc loans (this was not confirmed).Another distinctive feature of the deal was the high average loan to valuation ratio - 77 per cent - compared with 50 to 60 per cent for most deals.Arnold said 90 per cent of the issue went to domestic investors. There were more asset managers than balance-sheet investors. The Australian Office of Financial Management did not invest.The $45 million of class AB notes, which have a weighted average life of 1.68 years, were priced at 125 basis points over swap.Pricing was not disclosed on the $69 million of unrated class B notes.