Liberty Financial has completed a A$500 million issue of prime and non-prime mortgage backed securities - its second RMBS issue this year.Yesterday, the company announced that it will pay 50 basis points over the one-month bank bill swap rate on the $100 million A1 tranche, which has a weighted average life of 0.3 years.Pricing on the $175 million A2 tranche, which has a weighted average life of 1.7 years, is 110 bps over swap.Pricing on the $150 million A3 tranche, which has a weighted average life of 3.6 years, is 165 bps over swap.Standard & Poor's has assigned expected ratings of AAA to the top three tranches.Pricing on the B, C, D, E and F tranches was not disclosed.The notes are supported by a mixed pool of prime and non-prime mortgages, with an average loan-to-valuation ratio of 73.6 per cent. Pricing on Liberty Series 2013-2 is similar to pricing on last month's deal, Liberty Series 2013-1. In the earlier issue, Liberty paid 50 bps over swap on the A1 tranche (0.4 years), 110 bps on the A2 tranche (1.8 years) and 165 bps on the A3 tranche (3.6 years).