March has also been a strong month for structured finance issuance and RMBS, in particular. BankWest priced its Series 2010-1 Swan Trust RMBS issue, which was capped at A$620 million and IMB Limited launched its Illawarra Series 2010-1 RMBS Trust issue.BankWest sold A$586 million of 'AAA' rated Class A notes, with a weighted average life of 2.9 years, at 130 basis points over bank bills. The notes had an indicative pricing of 125 bps but this proved too ambitious. However, BankWest was able to sell A$23 million of 'AAA' rated Class AB notes at 175 bps over. The notes have a WAL of 5.1 years. Completing the issue was A$11 million of 'AA'- rated, Class B notes also with a WAL of 5.1 years.IMB Limited returned to the market for the first time since 2006, launching and pricing a A$300 million RMBS issue via Illawarra Series 2010-1 RMBS Trust.  The issue comprised A$280.5 million of 'AAA' rated Class A notes, with a WAL of three years; A$11 million of 'AAA' rated Class AB notes, with a WAL of 5.1 years; and A$8.5 million of 'AA-' rated Class B notes, with a WAL of 6.5 years. The Class A tranche priced at 135 bps over bank bills and the Class AB tranche at 175 bps over. AOFM bought A$157.5 million of the Class A notes.