January 10, 2008
Sallie Mae, MBIA Seek Funds
More companies looking for money -- Sallie Mae wants to issue $30 billion in new debt to replace a loan made last year by Bank of America and J.P. Morgan Chase. While the company's reputation is low right now, it dominance in the student loan market may make it "too big to fail." WSJ, SLM Asks: Brother, Can You Spare $30 Billion, Cheaply? The troubled bond insurer, MBIA, seeks to raise $1 billion in surplus notes. The notes were marketed yesterday with a 12% yield, but there weren't enough buyers at that price. WSJ, Wall Street's Scary Word: MBIA.
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