Westpac's St George Bank subsidiary has priced its Crusade ABS Series 2012-1 Trust - Westpac's first asset-backed bond issue in four years.The issue of St George securities, backed by car financing receivables, was launched at A$750 million and upsized, and priced, on Friday at A$1.2 billion.The issue comprises: A$1.02 billion of Class A notes; A$60 million of Class B notes; A$36 million of Class C notes; A$24 million of Class D notes; A$22 million of Class E notes; and A$38 million of seller notes.The Class A notes have a weighted average life of 2.5 years. They were priced at 100 basis points over the 30-day bank bill rate. The remaining notes all have a weighted average life of 2.9 years, but pricing was not disclosed.The Class A to Class E notes have preliminary ratings of 'AAAsf/Aaasf', 'AAsf/Aa2sf', 'Asf/A2sf', 'BBBsf/Baa2sf' and 'BBsf/Ba1sf', respectively, from Fitch Ratings and Moody's Investors Service. The seller notes are unrated.