The US$210 million Class A1 tranche had an average life of one year and priced at 18 basis points over Libor; the US$290 million Class A2 three-and-a-half year notes at 27 basis points over the benchmark, and the US$140 million Class A3 6.2 year notes at 33 basis points over Libor. The A$29.4 million Class B tranche priced at 70 basis points over the bank bill swap rate. Attention in the domestic MBS market focused on PUMA Finance, the biggest non-bank financier that is managed by Macquarie Bank subsidiary, Macquarie Securitisation. As reported in the previous issue, the A$700 million transaction was PUMA's first onshore deal since June 1997. It was also the domestic market's biggest for nearly four years. In the event, the deal was oversubscribed and increased to A$750 million, with pricing comfortably at or close to the bottom of its marketed range.