As expected, Navient is preparing another $1.0 billion securitization of federally guaranteed loans that were once delinquent but are now making timely payments.

The deal, Navient Student Loan Trust 2016-5, will issue a single tranche of securities with preliminary ‘AAA’ ratings from Fitch Ratings. The floating-rate notes benefit from credit enhancement of 4.39% and have a final maturity of June 2065.

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