Arizona Education Loan Marketing Corp. (AELMaC) will be in the market in the coming weeks with a series of rare deals backed by a heavy concentration of consolidation loans, for its first term ABS offerings since 2001. St. Petersburg Fla.-based underwriter William R. Hough is running the book for the deals, the first of which is expected to price by the middle of this week.

Announced mid last week, $125 million of a single-tranche three-month Libor-indexed floater, with a five-year average life, will be the first of up to nine offerings scheduled to hit the term markets through October. AELMaC is tapping the term markets to diversify its funding base, sources added, as most of the company's funding comes from the auction rate market.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.