Investec Bank Australia has secured pricing on its latest asset-backed securities transaction that is close to what many lenders are paying on their mortgage-backed securities. Investec raised A$278 million of funding through the issue, the Impala Trust Series 2013-1. Pricing on the $55 million A1 tranche, which has a weighted average life of 0.4 of a year, was 55 basis points over the bank bill swap rate. Pricing on the $200 million A2 tranche, which has a weighted average life of 2.3 years, was 105 bps over swap. Pricing on the $5 million B tranche, which was rated AA and has a weighted average life of 2.8 years, was 155 bps over swap. Investec did not disclose the pricing on the six other tranches. The margin on the A2 tranche is only five basis points off the pricing of the senior tranches of recent RMBS issues from Macquarie Bank, AMP Bank and ING Direct. Investec's head of funding and securitisation, Kuin Lee, said the notes were well supported in the market because of the quality of the underlying borrowers. Investec has a specialist banking division that services medical professionals and the loans are for tools of trade. "Our default rates are very low," Lee said.