Former Credit Suisse director Jonathan Clark joined SLM Corp. as a senior vice president of corporate finance. Clark will lead the company's unsecured debt issuance and treasury operations. He will also assist the ABS team, according to a company statement. Clark was part of a recruitment haul at Credit Suisse in 2000, when the investment bank appointed Joe Donovan and Greg Richter, among others, to its asset finance group. Clark also worked at Prudential Securities, First Boston and Dean Witter. The student lender also hired John Hewes as executive vice president and chief credit officer, a role in which he will oversee the company's private student loan underwriting policies and credit risk management. For the last 22 years, Hewes led the consumer finance and business lending divisions at MBNA, one of the world's largest credit card issuers.
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To keep cash flowing to the notes, the deal's senior notes have an interest reserve account covering three months' worth of class A note interest payments and fees.
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Classes A-1FCF through A-1F will repay noteholders on a pro rata basis, while classes A2 through B3 will be repaid sequentially.
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Last week's bond market turmoil continued leading up to the FOMC decision on Wednesday, pushing the 30-year fixed to near or over 7%, depending on the source.
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The Elliot-backed manager doubles down on research and expertise to confront market challenges, including tight arbitrage and a looming 2028 debt maturity wall.
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Federal Reserve Chair Kevin Warsh framed the central bank's move to increase interest rates as a moderate adjustment to rapid economic growth during his post-Federal Open Market Committee press conference.
September 16 -
The market initially showed relief after the initial confirmation of an anticipated inflation-fighting hike but discussion of a future raise renewed concern.
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