Macquarie Leasing has launched its second securitisation this year under the Smart program.  Following the successful $1.2 billion issue of Smart Series 2008 1E Trust in May, Smart Series 2008-2 Trust is a $250 million issue.Assets in the pool include cars, trucks and equipment funded by novated leases, finance leases, hire purchase agreements and chattel mortgages. The 6871 contracts have an average size of $36,000.The weighted average term to maturity of the contracts in the portfolio is 38.1 months and the seasoning is 14.3 months. Unlike the earlier Smart deal, in which a couple of tranches were issued in euros, this transaction is all in Australian dollars. Moody's yesterday assigned a provisional rating of Aaa to the $213 million senior tranche. The deal has not yet been priced.Moody's said in a pre-sale report: "Compared with previous Smart transactions the portfolio underlying this transaction includes a lower percentage of receivables backed by motor vehicles and a lower percentage of novated contracts. "These receivables typically display lower levels of arrears and loss and the current pool can therefore be seen as of weaker credit quality."Cars make up 22 per cent of the assets and trucks four per cent. The other assets include earth-moving equipment, computer systems, electrical machinery and furniture and fittings.However, Moody's was satisfied that the total size of the five subordinated tranches was sufficient to support the senior tranche.The head of debt finance at Macquarie, Adrian Bentley, said the deal was smaller than the previous Smart transaction because there was less investor interest in equipment finance deals. "But some investors have an interest in that area and we were aware there was some investor appetite."Macquarie will retain the subordinated tranches.