The Higher Education Loan Authority of the State of Missouri has priced a FFELP-backed student loan ABS.
Details on the $186 million offering are available via the link below from the ASR Scorecard database.
American Banker research finds that while more than 30% agree buy now/pay later is good for banks and consumers, the majority of respondents are unconvinced.
The 2025A bonds will have parity with all senior bonds that have been previously issued, and any senior bonds issued in future deals.
Credit support to the bonds range from 28.48% to 32.30%. They provide coverage of about 3.0x-3.4x of its base-case net loss in the 'A' stressed, break-even cash flow scenarios.
Borrowers' high incomes and the abundance of monthly free cash flow speed up repayments and mitigate the transaction's exposure to economic downturns.
This is ECMC's first securitization of a pool of rehabilitated loans since 2021.