On 7 May, Liberty Funding launched its dual-currency residential mortgage-backed securities (RMBS) deal, Liberty Series 2020-1. The capped total volume for the transaction is A$500 million (US$319.9 million) equivalent, with pricing expected the day after launch. SMBC Nikko is the arranger for the Japanese Yen tranche, while the Australian dollar tranches are arranged by Commonwealth Bank of Australia.