Sallie Mae is in the market with a FFELP-backed student loan ABS with Bank of America Merrill Lynch serving as lead manager. RBS Securities is co-manager on the $760.4 million offering.

According to a Moody's Investors Service presale report, SLM Student Loan Trust 2010-2 is the second FFELP ABS where Sallie Mae has issued subordinate notes since its 2008-9 deal.

This is also the third offering, according to Moody's, where the student loan firm has issued bonds indexed to one-month Libor.

Previous securitizations have typically been indexed to three-month Libor, the rating agency said. The notes will pay interest on a monthly distribution date starting on Sept. 27 based on one-month Libor plus a spread.

The firm's last offering under the SLM Student Loan Trust was a $1.2 billion deal that priced on April 12. The two-tranche ABS was lead managed by JPMorgan Securities and Credit Suisse. Deutsche Bank Securities was co-manager on the 2010-1 transaction.

For more preliminary information on the Series 2010-2 transaction, visit the link below from the ASR Scorecards database.


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