Fannie Mae launched a new product onto the secondary markets Wednesday. The shorter duration issue of three-year benchmark notes are being consumed by money mangers desperate for liquidity. In a quick note to clients, FTN Financial said the notes sold in their entirety, primarily to a domestic base, populated entirely by money managers. “The deal was attractively priced, but the bigger story is there’s simply not that much product availability to compete with Treasurys and the occasional ultra-high grade bullet,” said analyst Jim Vogel in the email. “The spigots are turned to off.” “Finding a place to earn something is the driving motivator for now,” he added. The offer will settle on July 18 and the bonds will mature Aug. 28, 2014. BNP Paribas Securities, Deutsche Bank Securities (DB) and Goldman Sachs (GS) are the joint lead managers. Co-managers include Citigroup Global Markets, FTN Financial Capital Markets, Loop Capital Markets, JPMorgan & Co. (JPM), and M.R. Beal & Co. Write to Jacob Gaffney. Follow him on Twitter @jacobgaffney.
Fannie Mae launch of 3-year notes devoured by market
Most Popular Articles
Latest Articles
The best real estate podcasts for agents and brokers in 2024
The best real estate podcasts to motivate, inspire, entertain and enlighten you this year.
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program
-
Retirement confidence hasn’t fully recovered, but survey shows hope for future prospects