UK opens new market for student loan ABS

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.

  • By Bill Thornhill
  • 07 Dec 2017

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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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%