"Sallie Mae’s $850 million of floating-rate notes due in 2014 fell 6 cents to 58 cents on the dollar, their lowest price since November, at 10:48 a.m. in New York, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority.
Credit-default swaps that protect against a default by Sallie Mae rose 11 percentage points to 25 percent upfront, according to prices from broker Phoenix Partners Group and CMA DataVision in New York. That is in addition to 5 percent a year and means it would cost $2.5 million initially and $500,000 annually to protect $10 million in debt for five years. "
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