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Investments

Fannie Mae fourth risk-sharing bond prices wide

Plans next deal in November

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Fannie announced that it priced its fourth, and largest, credit risk sharing transaction under its Connecticut Avenue Securities platform.

Pricing for the 1M-1 tranche was one-month LIBOR plus a spread of 120 basis points. Pricing for the 1M-2 tranche was one month LIBOR plus a spread of 300 basis points. 

Pricing for the 2M-1 tranche was one-month LIBOR plus a spread of 120 basis points. Pricing for the 2M-2 tranche was one month LIBOR plus a spread of 290 basis points. 

This is wide compared to the third transaction.

In that deal, pricing for the 1M-1 tranche was one-month LIBOR plus a spread of 95 basis points. Pricing for the 1M-2 tranche was one month LIBOR plus a spread of 260 basis points. 

Pricing for the 2M-1 tranche was one-month LIBOR plus a spread of 95 basis points. Pricing for the 2M-2 tranche was one month LIBOR plus a spread of 260 basis points.

The $2.05 billion note offering priced today and is scheduled to settle on July 25. 

This deal is consistent with prior transactions, and includes reference loans with original loan-to-value ratios of up to 97%, the government-sponsored enterprise said in a statement.

“As planned, we have been coming to market with new issuance on a regular, quarterly basis,” said Laurel Davis, vice president for credit risk transfer at Fannie Mae.  “We plan to come to market again next quarter, likely in November.”

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