Healthcare Finance Group is in the market with $93 million of healthcare receivables-backed notes. The Series 2011-1 notes are being issued in anticipation of the expected maturity in June 2011 of the issuer’s Series 2006-1 notes, according to a Moody's Investors Service presale report.

Series 2011-1 comprises rated senior notes (Class A notes) and unrated subordinate notes (Class B notes). 

According to the rating agency, the receivables backing the loans, which are highly liquid with repayment averaging 34 days, are from various generally high-grade obligors. Moody's also noted the credit support offered by the 6.5% subordination of the Class B notes plus the available excess spread.

Sallie Mae filed a free-riding prospectus with the Securities and Exchange Commission (SEC) to issue an $821 million FFELP-backed transaction under its SLM Student Loan Trust 2011-2 program.

Barclays Capital and JPMorgan Securities are lead managers on the offering while RBC Capital Markets is the co-manager.

To access a full copy of the SEC filing, please click on this link.

For further information on both deals, please click on the link below from the ASR Scorecards database.

Meanwhile, Barclays and Goldman Sachs priced the 144A franchise ABS for drive-in restaurant chain Sonic Corp. called SONIC Capital Series 2011-1.

The deal, which is rated 'BBB'/'Baa2' by Standard & Poor's and Moody's Investors Service, comprises a $500 million A-2 class that has a weighted average life of 6.27-years. The yield on the bond was 5.438% at issuance.

According to sources close to the transaction, the franchise securitization was oversubscribed with a breath of investor base that was stronger relative to other recent esoteric offerings. ABS investors, given where rates are, have been hungry for yield, he stated. The transaction is also backed by a credit that is well-liked and deemed liquid, the source said.

In late April, Sonic said that certain of its subsidiaries are going to refinance their outstanding securitization debt with a new securitization debt facility. Its subsidiaries have had a securitized financing facility in place since December 2006, and as of Feb. 28, there was roughly $502 million of notes outstanding under this facility, according to a press release from the company.

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