May 3, 2017 / 12:59 PM / 7 months ago

UK student loans deal pushed back after election

LONDON, May 3 (IFR) - The securitisation of £4.09bn UK student loans has been pushed back beyond June 8 with the government taking the decision to delay bringing a large and new asset class to market during a general election.

Income Contingent Student Loan 1 (2002-2006) was announced several weeks ago prior to the surprise election announcement on April 18.

“Following the vote to trigger a general election, the sale will not be completed during this Parliament,” a Department for Education spokesperson said.

Barclays is sole arranger and joint-lead alongside Credit Suisse, JP Morgan and Lloyds.

The market had been expecting the leads to announce formal pricing indications by early May, but sources said it was not feasible to bring such a large transaction during a general election. (Reporting by Alex Chambers; editing by Sudip Roy)

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