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Keefe, Bruyette and Woods comments on SLM Corp (NYSE: SLM), noting that funding cost continue to move higher.
The firm noted, "Sallie Mae completed the securitization of $4.1 billion of FFELP ABS. We estimate that the all-in cost of the securitization was L +160 bps, which was higher than L +133 on the prior deal completed at the beginning of August, and significantly higher than historical levels of about L +20 bps."
Keefe, Bruyette and Woods is maintaining their Outperform rating and $29 price target on SLM.
Shares of SLM are up 4% today to $15.84.
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