People's Choice Credit Union returned to the residential mortgage-backed securities market last week, after an absence of almost three years, competing a A$500 million transaction.PCCU will pay a margin of 105 basis points over the one-month bank bill swap rate on the $460 million of A1 notes, which have a weighted average life of 2.9 years.Pricing on the $16.5 million of A2 notes, which have a weighted average life of 2.9 years, was 115 bps over the swap rate.The margin on $9 million of AB notes, which have a weighted average life of six years, was 200 bps over swap.The margin on the $10.75 million of B notes, which have a weighted average life of six years, was 250 bps over swap.The margin on the $3.05 million of C notes, which have weighted average life of six years, was 325 bps over swap. And the margin on the $700,000 of D notes, which have a weighted average life of six years, was 550 basis points over swap.