On 23 March, Pepper Australia (Pepper) priced its latest residential mortgage-backed securities (RMBS) issue, Pepper Residential Securities Trust No. 18. The deal was upsized from A$600 million (US$462.4 million). Price guidance was 135-140 basis points area over one-month bank bills on the A$128-210 million, 2.1-year weighted-average life (WAL) class A1-a notes, 210-220 basis points over bills on the A$73.2 million 2.1-year WAL A2 notes, and 275-285 basis points over bills on the A$58.2 million 3.8-year WAL class B notes.