UK opens new market for student loan ABS

Students
By Bill Thornhill
07 Dec 2017

The UK government has successfully issued its debut £1.7bn securitization of UK income contingent student loans. Although not to everyone’s taste, it was designed for specific groups of investors that have not typically bought ABS, and set a strong precedent for a planned series of follow-on transactions. Bill Thornhill reports.

On Wednesday afternoon the UK government priced Income Contingent Student Loan 1 (ICSL1) marking the conclusion of a four and a half year commitment for Barclays, which acted as arranger of the programme.

Barclays also acted as joint bookrunner alongside Credit SuisseLloyds Bank and JP Morgan.

The transaction ...

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