Salomon Smith Barney has the lead mandate for two student loan-backed offerings from first time-issuers, which the market can expect to see in the coming months, sources say. Units of Wells Fargo & Co. and Citigroup's Student Loan Corp. are working on inaugural ABS offerings, each backed by federally insured FFELP student loans.

Wells Fargo Educational Financial Services plans to sell approximately $500 million of paper by either this quarter or early next year, according to CFO Glen Herrick. Issuance vehicle Wells Fargo Student Loans Receivables, LLC filed its preliminary shelf registration with the Securities & Exchange Commission Sept. 10 for a token $1 million.

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