Sallie Mae is readying its second government guaranteed student loan securitization of the year, according to a presale report published by Moody’s Investors Service.

The $1.246 billion SLM Student Loan Trust 2013-1 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.

It consists of two tranches: the $1.211 billion Class A has a preliminary ‘AAA’ rating from Moody’s and a legal final maturity of September 2026; the $35 million Class B has an initial ‘AA1’ rating and a legal final maturity of June 2043.

The deal, underwritten by Barclays and J.P. Morgan, is expected to close on April 11.

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