Sallie Mae priced the $1.246 billion SLM Student Loan Trust 2013-1, its second government guaranteed student loan securitization of the year, on Wednesday.


The $1.211 billion class A, triple-A notes with a weighted average life of 4.43-years priced at 45 basis points over the one month Libor, according to a source familiar with the deal.  The $35 million, single-A plus Class B notes with a weighted average maturity of 8.79-years priced at 150 basis points.  


The deal is backed entirely by Federal Family Education Loan Program (FFELP), Stafford, Plus and SLS loans, which benefit from a government guarantee of 97% of principal and accrued interest. Barclays and J.P. Morgan are the lead underwriters.



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