Macquarie Securitisation has increased the size of its latest bond issue, Puma Masterfund P-16, from $500 million to $750 million. Price is between 60 and 115 basis points over the 30-day bank bill swap rate on those tranches where pricing was disclosed.The $78.7 million of Class A-1 notes, to be rated AAA and with a weighted average life of 0.3 years, were priced at 60 basis points over the swap rate.The $360 million of Class A-2 notes, to be rated AAA and with an average life of 1.8 years, were priced at 100 basis points over swap.The $247.5 million of Class A-3 notes, to be rated AAA and with an average life of 6.3 years, were priced at 115 basis points over swap.The Australian Office of Financial management purchased the whole of the A-3 tranche.There were two tranches where the pricing was not disclosed: $45 million of Class AB mezzanine notes, to be rated AAA and with a 5.3 year average life; and $18.8 million of Class B notes, to be rated A plus and with an average life of 5.3 years. Macquarie Group head of debt origination and structuring, Kevin Lee, said the investors were Australian fund managers and banks. Macquarie's last public RMBS issue was in July 2008. Since then it has done a couple of private placements, including a $1.1 billion issue in March. Lee said that investors were not put off by the fact that they had not seen Macquarie in the market for two years. Lee said: "I think they welcomed having some diversity. They were more focused on getting access to the part of the capital structure that appealed to them."Lee would not be drawn on the debate about whether issuance at current pricing allowed lenders to be competitive. He said it depended on what issuers sold their subordinated tranches for and the structure of their balance sheets.