Mellon Bank Corp., through its principal subsidiary Mellon Bank, N.A., will launch a new, one-time student loan securitization program with a deal expected to hit before the end of the year - marking a first for the issuer, known for its credit card, auto and home-equity loan deals.

Officials at Mellon would not comment except to confirm that it would be the first time the bank would be securitizing its student-loan collateral. Steve Cobain, a director of securitization at the bank, said that he had filed the with the Securities and Exchange Commission so the company could pull the trigger on the deal if market conditions firmed up. However, he hastened to say that securitization would not be done out of necessity.

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.