After
Hours - SLM,BAC,ACF - Bank of America, SLM, AmeriCredit to Sell TALF Debt
(Update1) - Sourced WhisperFromWallStreet.com
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SLM CORPORATION,SLM
After Hours: 10.17 Up 0.12 (1.19%) 6:12PM ET
Bank of America Corp., SLM Corp. and AmeriCredit Corp. plan to sell more than
$4 billion of debt backed by assets eligible for a Federal Reserve program to
jumpstart lending before next week’s deadline, according to people familiar
with the offerings.
Bank of America may issue $2.5 billion of bonds tied to auto loans, said one of
the people, who declined to be identified because terms are private. Reston,
Virginia-based SLM, or Sallie Mae, the largest
AmeriCredit is offering lower-rated asset-backed bonds, even as most companies
have retained the debt, said Richard D’Albert, co-chief investment officer at
New York-based hedge fund Seer Capital Management LLC. Subordinated debt, which
pays a higher yield, absorbs losses first. Investors who may have bought
riskier portions of the offerings have been able to get similar yield on
top-ranked debt by boosting returns with loans from the Fed, D’Albert said.
"The rating agencies are requiring AmeriCredit to contribute a lot in
extra credit support," D’Albert said. "It only makes economic sense
if they can sell the non-AAA bonds."
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