From an unlikely place, the McGraw-Hill Q1 2009 Earnings Call (McGraw-Hill is owner of Standard & Poor's rating agency):
"We understand that after a disappointing April, a bigger round of
funding for TALF programs is shaping up in May and these include deals
for student loans, credit cards, auto loans, auto leases in the asset
backed area."
This blurb appeared earlier in an Asset-Backed Alert:
Issuance
to Surge With TALF's Next Round
Asset Backed Alert, Harrison Scott Publications Inc. (April 17, 2009)
The third round of funding from the Federal Reserve's Term Asset-Backed Securities Loan Facility is shaping up as the largest yet.
As much as $10 billion
of securitizations are in the works for the program's May installment, headlined by a $3.6 billion
student-loan deal from Sallie Mae.
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It will be interesting to see the pricing on the deal. Interestingly, Sallie Mae made no mention of this during their recent Q1 conference call nor did any analysts ask. The next TALF subscription date is May 5, 2009.
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