Social Finance has upped protections for investors in the senior tranches of its latest student loan securitization, earning a higher credit rating for the deal.

It appears that investors are willing to pay up; the fixed-rate senior tranche is being talked at a spread of 110 basis points over swaps; that’s 15 basis points inside the swaps plus 125 basis points that SoFi pays on the same tranche of its previous deal, completed in January.

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