Store finance specialist FlexiGroup priced its first public issue of asset-backed securities yesterday, when it announced that it would pay 130 basis points over the bank bill swap rate for the top tranche of Flexi ABS Trust 2011-1.The notes are backed by consumer goods' receivables financed on no-interest payment plans.FlexiGroup's group treasurer, Ross Horsburgh, said it was the first time the asset class had come to the market in Australia.FlexiGroup made a private placement of asset-backed securities last year.Horsburgh said: "The contract terms are for six to 36 months. There is no interest paid. Our spread comes from the fees we charge the retailer. We have 80,000 obligors in the trust pool."The group's distribution network includes 11,000 retailers. It has contracts with Harvey Norman, Noel Leeming, Apple Resellers, Midas, the Good Guys and Bing Lee.FlexiGroup will pay 130 basis points on the A$88 million of A notes, which are AAA-rated.Horsburgh said there was nothing to compare the pricing with, but FlexiGroup was happy with the deal and would be going back to the ABS market for more funding.Pricing on the B, C and D notes was not disclosed. FlexiGroup retains the E notes. The issue raised a total of $133 million.Horsburgh said 90 per cent of investors in the issue were non-bank buyers. "They liked the diversification we were offering," he said.