Starwood Vacation Ownership (SVO) has just priced a $280,000 deal backed by vacation ownership loans related to 17 SVO properties that are located in the U.S. Virgin Islands, Orlando, FL., and Scottsdale, Arizona, among others.

The transaction comprises two tranches: an 'A'-rated $256 million class A tranche that priced at 265 basis points over swaps and a 'BBB'-rated $24 million class B portion that priced at 375 basis points over swaps. The 144A deal was rated by Standard & Poor's.

Credit Suisse served as structuring lead and joint book runner. The other two book runners are JPMorgan Securities and RBS Securities.

Meanwhile, Barclays Capital and Deutsche Bank Securities are co-managers on the deal.

Starwood Vacation Ownership, which is owned by Starwood Hotels, is a developer and operator of high-quality vacation interval ownership resorts.

Sallie Mae also priced its FFELP-backed deal. The  'Aaa'/'AAA'-rated $738 million class A portion priced at 50 basis points over one-month Libor while its 'A3'/'A'-rated $22.4 million class B part priced at 90 basis points over one-month Libor.

Moody's Investors Service and S&P rated the student loan offering.

Bank of America Merrill Lynch served as lead manager on the transaction while RBS Securities was co-manager on the $760.4 million offering.

According to a Moody's presale report, SLM Student Loan Trust 2010-2 is the second FFELP ABS where Sallie Mae has issued subordinate notes since its 2008-9 deal.

This is also the third offering, according to Moody's, where the student loan firm has issued bonds indexed to one-month Libor.

Previous securitizations have typically been indexed to three-month Libor, the rating agency said. The notes will pay interest on a monthly distribution date starting on Sept. 27 based on one-month Libor plus a spread.

The firm's last offering under the SLM Student Loan Trust was a $1.2 billion deal that priced on April 12. The two-tranche ABS was lead managed by JPMorgan and Credit Suisse. Deutsche Bank was co-manager on the 2010-1 transaction.

Another FFELP offering is in the market from the Arkansas Student Loan Authority. BofA Merrill and RBC Capital Markets are the lead managers on the $267.5 million deal.

JPMorgan is also in the market with a $484.6 CMBS. The deal is called J.P. Morgan Chase Commercial Mortgage Securities Corp. Trust Series 2010-CNTR.

For further preliminary information on the Arkansas Student Loan and JPMorgan deals, please click the link below from the ASR Scorecards database.

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