Today's deadline for the Term ABS Loan Facility (TALF) subscription date saw a variety of deals price from the student loan and credit card sectors, among others.

Sallie Mae sold its TALF-eligible $1.7 billion securitization that is led by Banc of America Securities and Barclays Capital. JPMorgan Securities is a co-manager on the deal. The triple-A tranche priced at 25 basis points. It was originally talked at 45 basis points to 55 basis points range.

The Student Loan Corp. also priced a $1.4 billion deal managed by Citigroup Global Markets. Co-managers on the offering are Barclays Capital, RBS Securities and Goldman Sachs. The deal was issued with guidance in the 115 basis points area. It priced at 150 basis points.

The latest subscription date also included the $703 million Wheels deal, which is managed by Banc of America and JPMorgan. The triple-A tranche priced at 155 basis points over the one-month Libor. It was offered with guidance talk at 165 basis points to 175 basis points range.

GE Capital priced its dealer floorplan transaction. The lead manager on the offering is Banc of America as well. The deal is worth $553 million with three non-offered tranches. The offered tranche is worth $500 million and priced at 168 basis points over one-month Libor.

First National Bank of Omaha had a $691 million deal (with $525 million offered) led by Banc of America and JPMorgan. That deal priced at 135 basis points over one-month Libor.

World Financial Network priced three TALF-eligible private label credit card deals yesterday, World Financial Network Credit Card Master Note Trust Series 2009-B, 2009-C and 2009-D. These deals were worth $500 million, $139 million and $310 million, respectively. The sizes of all three were upsized.

For 2009-B, RBS Securities and Wells Fargo Securities are leading the deal. Banc of America Securities, Barclays Capital, RBC Capital Markets and JPMorgan Securities are all co-managers on the offering.

Series 2009-C is managed by RBS Securities and Wells Fargo Securities. The Series 2009-D transaction is managed by Barclays Capital and RBS Securities. RBC Capital Markets, JPMorgan, and Wells Fargo Securities are co-managers on the deal.

Wells Fargo’s structured product research analysts noted that the new issue volume of student loan ABS remains relatively weak despite the aid provided by TALF.

“The Federal Reserve’s TALF program seems to have offered only modest relief for student lenders,” analysts said. “The three-year term of TALF loans originally offered by the Fed was too short to fund the longer-maturity student loans. Increasing the loan term to five years may have helped, but that would still leave a considerable asset/liability mismatch in many cases.”

However, demand for other consumer sectors, such as autos and credit cards, has staged a recovery based on the success of TALF.

According to market reports, Munder Capital Management is planning to reduce its $400 million portfolio because demand has cut yields on the bonds to less than 1.5 percentage points over an interest rate benchmark, from five percentage points in January.

Details on these transactions are available via the link below from the ASR Scorecard database.


 

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