The State Board of Regents of the State of Utah will issue a $518.7 million, taxable student loan-backed securitization.
The deal, Series-2012-1, is backed by loans that are at least 97% federally reinsured by the U.S. federal government. RBC Capital Markets is underwriting the deal that has an expected closing date of Oct. 18, 2012.
Standard & Poor's have assigned a preliminary 'AA+' rating to the bond that will be priced over the one month Libor.
That the underlying contract holders prioritize using their smartphones and other mobile devices suggests that they are likely to prioritize payments related to those products.
Should the all-stock transaction close as planned later this year, Wintrust Financial in the Chicago area would gain about $2.7 billion of assets.
Chris Hentemann, whose fund manages $6.2 billion in assets, seeks out B-piece opportunities and foresees banks executing more bulk loan sales and credit-risk transfers.
The current levels of credit enhancement are a reduction from levels of 58.0%, 48.7%, 35.9%, 22.5% and 17% on the classes A, B, C, D and E on the BLAST 2024-1 deal.
First-quarter results at the companies were promising for other banks looking to reel in fees from capital markets activities as deposit costs put pressure on net interest income.
