Weil Gotshal & Manges also has a role, advising Barclays which is the sole arranger on the deal. The firm is also advising the joint lead managers JP Morgan, Credit Suisse, Lloyds and Barclays. The Weil team advising on the deal is being led by structured finance partner Brian Maher with support from tax consultant Andrew Norwood.

The UK government announced this Monday (6 February) that the sell-off will cover loans made to students in England between 2002 and 2006, in the first of a planned four-year programme of sales issued before 2012. The sale was detailed in the Autumn Statement made by Chancellor of the Exchequer Philip Hammond in November last year. The face value of the loans from 2002 to 2006 is worth around £4bn.