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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 2012 and 2013.
(Dollars in millions) AAA-rated bonds
Issue Date Issued
Total
Issued
Weighted Average
Interest Rate
Weighted
Average
Life
FFELP:
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(1) 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
2013-1 ...................................... February 2013 $1,249 1 month LIBOR plus 0.46% 4.3 years
2013-2 ...................................... April 2013 1,246 1 month LIBOR plus 0.45% 4.4 years
2013-3 ...................................... June 2013 1,246 1 month LIBOR plus 0.54% 4.5 years
2013-4 ...................................... August 2013 747 1 month LIBOR plus 0.55% 4.4 years
2013-5 ...................................... September 2013 996 1 month LIBOR plus 0.64% 4.6 years
2007-6 to 2007-8, 2008-2 to 2008-9 ............... October 2013 629 N/A (Retained B Notes sold)
2013-6 ...................................... November 2013 996 1 month LIBOR plus 0.60% 4.6 years
Total bonds issued in 2013 ..................... $7,109
Total loan amount securitized in 2013 ............ $6,495
Private Education:
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
2013-R1 ..................................... January 2013 $ 254 1 month LIBOR plus 1.75% 6.3 years
2013-A ...................................... March 2013 1,108 1 month LIBOR plus 0.81% 2.6 years
2013-B ...................................... May2013 1,135 1 month LIBOR plus 0.89% 2.7 years
2013-C ...................................... September 2013 624 1 month LIBOR plus 1.21% 3.1 years
Total bonds issued in 2013 ..................... $3,121
Total loan amount securitized in 2013 ............ $3,387
(1) Total size excludes subordinated tranche that was retained at issuance totaling $45 million.
F-46