Student Loan Corp's TALF-Eligible $690 Million Deal Sold -Source
05 March 2010 - 4:54AM
Dow Jones News
Student Loan Corp.'s (STU) $690 million bond has priced,
according to a person familiar with the matter.
The private student loan-backed deal, dubbed SLCLT 2010-B, is
eligible for funding through the U.S. Federal Reserve's Term
Asset-Backed Securities Loan Facility, or TALF, which ends this
month. Investors can get low-cost loans to buy newly created
asset-backed deals until Thursday.
Student Loan Corp.'s deal is led by Citigroup and is one of
about $7 billion worth of deals that emerged ahead of the final
TALF dealine. The largest triple-A rated tranche worth $475.5
million sold at 350 basis points over one-month London interbank
offered rate, or Libor.
On Wednesday, SLM Corp. (SLM), better known as Sallie Mae,
priced its $1.55 billion bond TALF-eligible deal, according to a
term sheet.
It sold at 325 basis points over one-month Libor.
Other issuers this month include lender CIT Group, Chrysler
Financial Lease Trust, Ford Motor Credit, Premium Finance
Specialists and Budget Rental.
The bulk of the securities are in so-called "off-the-run"
sectors like equipment loans and insurance receivables.
-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227;
anusha.shrivastava@dowjones.com
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