The market for private credit student loans ABS opened up last week with a Sallie Mae deal that offered access to the first subordinate class of these bonds, since 2007.

Sallie Mae’ $2 billion SLM Private Education Loan Trust 2013-A offered both fixed and floating rate tranches. The final pricing of on the ‘A2’/ ‘A’, 5.66 year class B, subordinate notes was 237.5 basis points over Interpolated swaps.  

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