The bulk of the deals that emerged ahead of a loan application deadline for a Federal Reserve program have sold, according to people familiar with the bonds.

Issuers including General Electric Co. (GE), SLM Corp. (SLM), Wheels Inc. and First National Bank of Omaha sold newly created bonds backed by loans for education, credit card debt and fleet leases.

The Fed's Term Asset-Backed Securities Loan Facility, or TALF, launched in March, offers investors loans at attractive rates to buy newly created asset-backed securities. Over $8 billion in deals surfaced ahead of the sixth loan deadline on Thursday. Last month, that figure was a little over $12 billion and in June, it was $16.4 billion.

The slight dip can be attributed to the traditional summer lull, said Jim Harrington, a senior portfolio manager at Ryan Labs Asset Management in New York.

Most of the consumer loan-backed deals sold this year were eligible for TALF, which helped revitalize the securitization market and improved the availability of credit for consumers.

Initially, the program was viewed as being user-unfriendly but the Fed's cheap loans drew investors who overcame lengthy documentation and other implementation issues to participate. Now, many hope it is extended past its scheduled expiration at the end of this year.

The Fed has recently also begun to offer attractive financing for new and existing commercial mortgage-backed loans in an effort to revive the commercial real estate sector. The next loan application deadline for the commercial-property portion is Aug. 20.

"Many of the TALF funds are re-allocating their dollars to CMBS," said Dan Nigro, senior portfolio manager at Dynamic Credit Partners in New York.

That said, no new CMBS deals have emerged in more than a year, though some are in the works.

On Wednesday, General Electric sold two deals eligible for TALF financing: a $1.75 billion credit card loan-backed deal dubbed GEMNT 2009-2, was originally $1.25 billion. The single-tranche deal, with a duration of 2.93 years, sold at 155 basis points over a short-term benchmark. Joint leads on the bond are RBS and Credit Suisse.

The other deal, a $500 million deal, backed by dealer floorplans and dubbed GE Dealer Floorplan Master Note Trust 2009-1, has a duration of 2.94 years. The single-tranche deal sold at 168 basis points over one-month London Interbank Offered Rate, or Libor.

SLM Corp., better known as Sallie Mae, sold its $1.68 billion deal Wednesday. The student loan-backed deal sold at 25 basis points over prime rate, a benchmark. The single-tranche deal has a duration of 3.86 years. Joint leads are Barclays, Bank of America and JP Morgan.

CNH Capital America LLC sold a dealer floorplan-backed deal on Wednesday, according to a person familiar with the matter. The $583.25 million deal sold at 170 basis points over one-month Libor. The bond was led by RBS and Banc of America Securities.

World Financial Network sold three deals on Wednesday. The first, a $500 million deal of which the top-rated tranche is worth $395 million, sold at 165 basis points over a short-term benchmark. This portion is eligible for TALF loans.

The second is a $310 million deal in which the top-rated portion is worth $245 million. It sold at 205 basis points over the same benchmark.

The third, a $139 million deal, had the $110 million portion eligible for TALF. It sold at 160 basis points over a short-term futures benchmark.

Wheels Inc. sold a $703.3 million fleet lease-backed deal. The triple-A-rated portion of $673.9 million sold at 155 basis points over one-month Libor. Joint leads were Banc of America Securities and JP Morgan.

First National Bank of Omaha's $500 million credit card loan-backed deal sold at 135 basis points over one-month Libor. Joint leads were JP Morgan and Bank of America.

World Omni's floorplan-backed $225 million deal sold at 170 basis points over one-month Libor. The deal was led by Barclays Capital.

Year-to-date issuance of deals eligible for TALF funds stands at over $60 billion.

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