The state of North Carolina's State Education Assistance Authority is tapping the asset-backed bond market with a $908 million student loan-backed security, according to a preliminary prospectus.

Lead managers on the bond are RBC Capital Markets and J.P. Morgan Chase & Co.

The bond is one of several issued this week, after the ABS market saw a three-week pause during the last few weeks of summer.

Other issuers include auto-maker BMW AG (BMW.XE), which priced its $1 billion auto-lease-backed deal, according to a person familiar with the matter.

The bond was increased in size from an original $750 million. The largest tranche, valued at $363 million, priced at 25 basis points over Eurodollar Synthetic Forward, a benchmark, to yield 0.831%. Guidance was in the area of 30 basis points over EDSF.

The $350 million tranche, launched at 15 basis points over the same benchmark, to yield 0.586%. Guidance was in the range of 20 basis points to 25 basis points over the same benchmark.

The bond was led by Citigroup Inc. and J.P. Morgan.

Nissan Motor Co. (NSANY, 7201.TO) also increased the size of its bond to $1.3 billion from an original $1 billion bond and AmeriCredit Auto Receivables Trust's $850 million bond was increased in size from an original $700 million bond.

Discover Financial Services (DFS) had a $600 million security and All Student Loan Group had a $458.32 million student loan-backed bond.

-By Anusha Shrivastava, Dow Jones Newswires; 212-416-2227; anusha.shrivastava@dowjones.com
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