U.S. primary ABS issuance continues its slower, post-hurricane pace. Around $4 billion priced last week, a below-average amount, and this week is likely to see the same, said Standard & Poor's analysts today.
The Pensylvannia Higer Education Assitance Agency plans to issue its $533.6 million PHEAA Student Loan Trust 2012-1 that will offer a single tranche that has been assigned a  preliminary 'AA+ ' rating by S&P. Fitch Ratings will also rate the deal.

The trust collateral comprises Federal Family Education Loan Program (FFELP) loans, which are  indirectly guaranteed by the U.S. Department of Education for a minimum of 97% of defaulted principal and accrued interest. 

Also marketing this week is the $1.17 billion Nelnet Student Loan Trust 2012-5. Moody's Investors Service will rate the deal and assigned provisional ratings of 'Aaa' to the class A notes and 'Aa1'  to the class B notes. The securitization is backed by approximately 83% non-rehabilitated FFELP student loans and roughly 17% rehabilitated FFELP student loans, according to Moody's.

S&P issued presale reports this week on the duo of American Express credit card securtizations: American Express Credit Account Master Trust – Series 2012-5 and American Express Credit Account Master Trust – Series 2012-4.

The Rhode Island Student Loan Authority also plans to issue a $260 million FFELP deal Series 2012-2 (Taxable LIBOR Floating Rate Notes). The underwriters on the S&P and Fitch-rated transaction are Bank of America Merill Lynch and BMO Capital Markets.

Both deals are backed by a pool of receivables generated by American Express credit card accounts and pay over time revolving credit accounts that are owned by American Express Centurion Bank or American Express Bank. Both deals are underwritten by Barclays Capital and RBS Securities.

The series 2012-4 and 2012-5 transaction will be the trust's forth and fifth public securitization in 2012. The master trust issues certificates through discrete series. The series 2012-5 certificates will have a senior/subordinate structure comprising two publicly rated classes of three-year, fixed-rate certificates. Interest will be due on the 15th of each month (or the next business day) starting Dec. 17, according to the S&P presale report.

The series 2012-4 certificates will have a senior/subordinate structure consisting of two publicly rated classes of five-year, floating-rate certificates. Interest will be due on the 15th of each month (or the next business day), beginning Dec. 17. The interest rate on the class A and B certificates will be Libor-based, according to S&P.

S&P also noted that Ascentium Capital plans to market a $118 million equipment ABS. 


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