"​Sallie Mae Close To New Financing, But At A Price" writes Dow Jones via CNNMoney. The article writes about a big refinancing in the asset-​backed commercial paper (​ABCP) market, "Sallie Mae, which needs the financing for its student-​lending business over the next year, will likely secure the deal at costly terms, said an asset-​backed commercial paper investor.... This market, where a borrower such as Sallie Mae secures funding through an asset-​backed commercial paper line with a pool of student loans it holds, has steadily shrunk in size since last fall as investors fearful of exposure to souring risky mortgages have scaled back." It continues, "I don'​t think money-​market funds have been buying new Sallie Mae paper for some time now," said Peter Crane, president of Crane Data LLC in Westboro, Mass., a service that tracks money markets, which are heavy investors in commercial paper.

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