Macquarie launched its well flagged asset-backed transaction, via SMART Series 2009-1 Trust on Thursday. The A$320 million transaction provides further evidence of the continuing thaw in the securitisation market.The vehicle and commercial equipment receivables backed transaction, rated by Moody's Investor Service and Fitch Ratings, follows the structure of previous SMART deals and comprises: A$47.0 million of Class A-1 notes rated 'P-1/F1+'; A$225.0 million of Class A-2 notes rated 'Aaa/AAA'; A$20.8 million of Class B notes rated 'Aa1/AA'; A$15.2 million of Class C notes rated 'A1/A'; A$3.2 million of Class D notes rated 'Baa1/BBB'; A$2.4 million of Class E notes rated 'Ba3/BB'; and A$3.2 million of Class F notes rated 'B3/NR'. There is also A$3.2 million of seller notes. The Class A-1 notes have a final maturity of October 2010 while all others have a final maturity of October 2016. Macquarie's last ABS issue was via the A$310 million SMART Series 2008-3 Trust, in December last year. The Class A-1 tranche priced at 85 basis points over bank bills while the Class A-2 tranche priced at 250 bps over. Given the pricing applied to the CNH Capital Australia Receivables Trust Series 2009-1, less than a month ago, Macquarie's latest ABS offering may struggle to achieve pricing any better than its last issue.Meanwhile, AOFM announced the final three mandates to be awarded under its A$8 billion RMBS purchase program. With only A$600 million remaining to be invested, the mandates were awarded to RESIMAC Limited, FirstMac Limited and Liberty Financial Pty Limited. This is the third mandate from AOFM for both Resimac and FirstMac and the second for Liberty. The transactions are expected to be priced by the end of this month. There remains no word on what on-going support, if any, the Commonwealth government will provide to the mortgage-backed securities market now that AOFM's RMBS purchase program is all but exhausted.