Issuers continue to tap into strong demand in the asset-backed securities market. Over the past month, Liberty Financial, Investec Bank (Australia) and National Australia Bank have completed ABS deals, and, on Friday, Macquarie Group priced its latest ABS.The bulk of the Smart Series 2012-4US Trust was denominated in US dollars and sold to US money market investors.Investors in the US$180 million A1 tranche have accepted payment that is 22 basis points below Libor. The notes have a weighted average life of 0.4 years.This is the same pricing that Macquarie secured for the A1 tranche of Smart Series 2012-US2 in June.Six other US dollar tranches, worth a total of US$570 million, were priced against Libor, international swap rates and Eurodollar synthetic forward rates. Macquarie did not disclose the landed (or delivered) rates for the US dollar notes.The total value of the issue, which is backed by automobile receivables, was equivalent to A$823 million.Pricing on several tranches was cheaper compared with the June issue. In the latest deal, the US$130 million A2a tranche, which has a weighted average life of 1.26 years, was priced at 33 basis points over the Eurodollar synthetic forward rate.Back in June, the US$32 million A2a tranche, with a weighted average life of 1.3 years, was priced at 50 basis points over the EDSF.Pricing of the A2b tranche was 33 basis points over Libor in the latest deal, compared with 55 basis points in June.