Private-label student-loan ABS seems to be doing better, at least in terms of issuance. Volumes have hit $1.4 billion in the year-to-date, a figure equal to 70% of 2011’s overall number, according to researchers at Barclays Capital. But Sallie Mae has been the only primary-market issuer for twenty months now, and the bar was set low by last year’s number of deals — only three.

In 2010, Sallie Mae was responsible for 68% of all private-credit student loan ABS issuance.

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