At long last, after a seven-month absence from the securitization market, the Nelnet Student Loan Trust (NSLT) came to market in early March. The $1 billion transaction, managed by Barclays Capital, Deutsche Bank Securities and JPMorgan Securities, bore out some of the substantial changes underway in the business of financing student loans in the capital markets.

Aside from being completed after one of the issuer's longest waiting periods between transactions, the deal eliminated consolidation loans from the pool securing the notes. The issuer also decided to offer only Libor floating-rate notes, whereas the NSLT 2007-2 issued Libor and auction-rate notes, according to Fitch Ratings, which rated the deal.

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