On the same day as Liberty Financial (Liberty) priced Australia's second nonconforming residential mortgage-backed securities (RMBS) deal of 2013 – April 10 – preliminary ratings were assigned to another such issue. Liberty's transaction was based on a mixed pool of prime and nonconforming mortgages while the issue by Pepper Australia (Pepper), which priced on April 12, is fully nonconforming according to rating agency information.