National Australia Bank's investment banking division, nabCapital, has completed the first transaction of its new asset backed commercial paper conduit MiraStar.MiraStar has acquired the $248 million AAA-rated tranche of SMHL Private Placement Trust 2008-1, a portfolio of mortgages originated by Members Equity Bank. MiraStar will use MEB's RMBS as security for a CMBS issue. MiraStar was set up to meet investors' demands for conduits that held AAA and Aaa rated assets only, that were immune from LMI downgrades, were repo eligible and had high levels of transparency.A spokesperson for the bank said other RMBS acquisitions were planned for MiraStar.Commonwealth Bank, meanwhile, yesterday said it completed a $16 billion internal securitisation of home loans. This reorganises ownership of this pool of home loans in a trust structured in a fashion that conforms to the requirements of the Reserve Bank of Australia to use the bonds backed by this home loan pool for use in repurchase agreements.Banks have shifted close to $50 billion of home loans into eligible securities over recent months, and more deals are in the pipeline.