FFELP-Backed Deal in the Market
August 13, 2010
New Mexico Education Assitance Foundation is in the market with a $383 million transaction backed by FFELP loans.
Bank of America Merrill Lynch and RBC Capital Markets are lead managing the three-tranche offering.
For further information about the student loan ABS, please click the link below from the ASR Scorecards database.
In other deal news, specialty finance company J.G. Wentworth has completed a $115 million ABS backed by rights under structured settlement and fixed-annuity purchase contracts.
The most recently completed $115 million securitization comprising two issued classes of notes: $97.2 million of Class A notes rated triple-A by Moody’s Investors Service and $8.9 million of Class B notes rated 'A1' by the rating agency.
A residual class worth $8.9 million was retained by J.G. Wentworth. UBS and Jefferies & Co. acted as co-lead arrangers. UBS served as sole bookrunner and structuring agent.
The firm was the first issuer to securitize structured settlement payment streams in the ABS markets in 1997. Since then, it has issued 21 securitizations backed by structured settlement and fixed-annuity receivables totaling over $2.5 billion.
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