#United States #Securities #Washington #Fannie Mae #CAS Notes

Fannie Mae Announces Tender Offer Results for CAS Notes

Fannie Mae (OTCQB: FNMA) recently announced the outcomes of its fixed-price cash tender offers, specifically targeting certain Connecticut Avenue Securities (CAS) Notes. These offers, collectively known as the "Offers," were designed to create a strategic move in the market and allow the company to manage its outstanding securities more effectively.

In total, Fannie Mae received valid tenders of approximately $1,026 million in original principal amounts of CAS Notes by the set deadline of 5:00 p.m. New York City time on October 2, 2026. This figure includes a diverse range of notes, demonstrating investor confidence and active participation in the offers.

In the tender results, the company detailed the specific securities involved, including:

• - Connecticut Avenue Securities, Series 2022-R08, Class 1M-2 Notes: With an original principal balance of $125.97 million, 90.60% or $114.13 million was tendered.
• - Connecticut Avenue Securities, Series 2023-R01, Class 1M-1 Notes: Of the total $76.27 million balance, 7.01% or $5.35 million was tendered.
• - Connecticut Avenue Securities, Series 2023-R01, Class 1M-2 Notes: At an original balance of $247.16 million, a substantial 98.80% or $244.19 million was tendered.
• - Connecticut Avenue Securities, Series 2023-R02, Class 1M-1 Notes: Only 2.98% of the $113.91 million original principal was tendered, equating to $3.4 million.
• - Connecticut Avenue Securities, Series 2023-R04, Class 1M-1 Notes: This particular series had a balance of $377.1 million, with 74.60% or $281.32 million tendered.
• - Connecticut Avenue Securities, Series 2023-R04, Class 1M-2 Notes: From the $188.55 million balance, 52.32% or $98.64 million was also tendered.
• - Connecticut Avenue Securities, Series 2023-R05, Class 1M-2 Notes: Of the $230.56 million original principal, 61.93% equaling $142.78 million was tendered.
• - Connecticut Avenue Securities, Series 2023-R06, Class 1M-2 Notes: Lastly, from a total of $231.34 million, 58.92% or $136.30 million was tendered.

The results exemplify robust investor engagement and highlight Fannie Mae's proactive approach in optimizing its securities portfolio. The settlement for the tendered notes is set to take place on October 6, 2026, providing investors with a clarity regarding timelines following the completion of the tender processes.

BofA Securities, Inc. acted as the lead dealer manager for these offers, while Citigroup Global Markets Inc. oversaw additional management roles. Global Bondholder Services Corporation facilitated the tender and information processes to ensure participants were well-informed throughout the offers.

Importantly, Fannie Mae's announcement included a disclaimer indicating that the release does not constitute an offer to sell or solicitation to buy any securities. This announcement serves to clarify the intentions behind the tender offers, emphasizing the necessity of informed decision-making based on the official Offer Documents.

Investors should approach such securities with caution, understanding the risks and implications involved in the ownership of such financial instruments. Overall, Fannie Mae's adept handling of these tender offers signifies its ongoing commitment to strengthening its financial standing and enhancing investor relationships.

This move marks another chapter in Fannie Mae's ongoing management of its CAS program, demonstrating its persistence in improving market conditions and maintaining investor trust amid shifting market dynamics.

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