Nelnet will administer the market's first single-seller ABCP conduit backed by student loan collateral. Credit Suisse structured the $5 billion market value extendable ABCP conduit, called Nelnet Student Asset Funding Extendable CP LLC, which was preparing to come to market last week. Market players in recent months had been predicting the emergence of the first such conduit, as well as the emergence of student loan-backed extendable notes.

"We've had discussions with people over the years that talked about doing this sort of thing, and Nelnet finally did it," said Everett Rutan, a senior vice president at Moody's Investors Service.

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