Sallie Mae 2012 Annual Report Download - page 159
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Borrowings (Continued)
Securitizations
The following table summarizes the securitization transactions issued in 2011 and 2012.
(Dollars in millions) AAA-rated bonds
Issue Date Issued
Total
Issued
Weighted Average
Interest Rate
Weighted
Average
Life
FFELP:
2011-1 ...................................... March 2011 $ 812 1 month LIBOR plus 0.85% 5.5 years
2011-2 ...................................... May2011 821 1 month LIBOR plus 0.90% 5.5 years
2011-3 ...................................... November 2011 812(1) 1 month LIBOR plus 1.25% 7.8 years
Total bonds issued in 2011 ..................... $2,445
Total loan amount securitized in 2011 ............ $2,344
2012-1 ...................................... January 2012 $ 765 1 month LIBOR plus 0.91% 4.6 years
2012-2 ...................................... March 2012 824 1 month LIBOR plus 0.70% 4.7 years
2012-3 ...................................... May2012 1,252 1 month LIBOR plus 0.65% 4.6 years
2012-4 ...................................... June 2012 1,491(2) 1 month LIBOR plus 1.10% 8.2 years
2011-3 ...................................... July 2012 24 N/A (Retained B Notes sold)
2012-4 ...................................... July 2012 45 N/A (Retained B Notes sold)
2012-5 ...................................... July 2012 1,252 1 month LIBOR plus 0.67% 4.5 years
2012-6 ...................................... September 2012 1,249 1 month LIBOR plus 0.62% 4.6 years
2012-7 ...................................... November 2012 1,251 1 month LIBOR plus 0.55% 4.5 years
2012-8 ...................................... December 2012 1,527 1 month LIBOR plus 0.90% 7.8 years
Total bonds issued in 2012 ..................... $9,680
Total loan amount securitized in 2012 ............ $9,565
Private Education:
2011-A ...................................... April 2011 $ 562 1 month LIBOR plus 1.89% 3.8 years
2011-B ...................................... June 2011 825 1 month LIBOR plus 1.80% 4.0 years
2011-C ...................................... November 2011 721 1 month LIBOR plus 2.87% 3.4 years
Total bonds issued in 2011 ..................... $2,108
Total loan amount securitized in 2011 ............ $2,674
2012-A ...................................... February 2012 $ 547 1 month LIBOR plus 2.17% 3.0 years
2012-B ...................................... April 2012 891 1 month LIBOR plus 2.12% 2.9 years
2012-C ...................................... May2012 1,135 1 month LIBOR plus 1.77% 2.6 years
2012-D ...................................... July 2012 640 1 month LIBOR plus 1.69% 2.5 years
2012-E ...................................... October 2012 976 1 month LIBOR plus 1.22% 2.6 years
Total bonds issued in 2012 ..................... $4,189
Total loan amount securitized in 2012 ............ $5,557
(1) Total size excludes subordinated tranche that was retained at issuance totaling $24 million.
(2) Total size excludes subordinated tranche that was retained at issuance totaling $45 million.
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