Macquarie managed to find a few investors for a lease securitisation, the third by the bank this year. It is the only investment bank scraping together any investors for public, asset-backed deals at the moment (and with Macquarie as originator of the assets as well as arranger).Through the SMART Series 2008-3 Trust Macquarie will sell $310 million of securities. The bank sliced the securities into eight tranches, of which the first three are rated P1 (with a final maturity of less than a year), Aaa and Aa1 by Moody's Investors Service.Early price talk on the bond was for a spread of 80 something basis points over the 30-day swap rate on the A1 tranche and "mid 200s" on the A2 tranche. Macquarie Leasing originated all the leases in this SMART trust and this business unit continues to originate new leases. There are around 8800 leases refinanced through this trust, with an average value of $34,000. Almost all the leases are over motor vehicles or earth-moving equipment.Macquarie has funded about $6 billion in leases in seven prior transactions since 2002, according to the pre-sale report on this trust published by Moody's.