Fannie Mae Prices $708 Million Connecticut Avenue Securities (CAS) REMIC Deal
Fannie Mae (OTCQB: FNMA) has priced its sixth and final Connecticut Avenue Securities® (CAS) REMIC® transaction of 2024, a $708 million note offering. This brings the total CAS issuance for the year to approximately $4.3 billion. The CAS Series 2024-R06 reference pool includes about 50,000 single-family mortgage loans with an outstanding unpaid principal balance of $16.6 billion.
The reference pool consists of fixed-rate, 30-year term mortgages with loan-to-value ratios of 60.01% to 80.00%, acquired between October and December 2023. Fannie Mae will retain portions of various tranches and the full first-loss tranches. The offering includes multiple classes with different pricing levels and expected ratings.
This transaction marks Fannie Mae's 67th CAS deal, bringing its total issuance to nearly $69 billion in notes, transferring credit risk on approximately $2.3 trillion in single-family mortgage loans.
Fannie Mae (OTCQB: FNMA) ha fissato il prezzo della sua sesta e ultima transazione Connecticut Avenue Securities® (CAS) REMIC® del 2024, un'offerta di $708 milioni in note. Questo porta il totale delle emissioni CAS per l'anno a circa $4.3 miliardi. Il pool di riferimento della CAS Serie 2024-R06 include circa 50.000 prestiti ipotecari per case unifamiliari con un saldo principale non pagato di $16.6 miliardi.
Il pool di riferimento è composto da mutui a tasso fisso con una durata di 30 anni e con rapporti prestito-valore dal 60,01% all'80,00%, acquisiti tra ottobre e dicembre 2023. Fannie Mae manterrà porzioni di vari tranches e l'intero tranche di prima perdita. L'offerta include più classi con diversi livelli di prezzo e valutazioni previste.
Questa transazione segna il 67° affare CAS di Fannie Mae, portando il suo totale di emissioni a quasi $69 miliardi in note, trasferendo il rischio di credito su circa $2.3 trilioni in prestiti ipotecari per case unifamiliari.
Fannie Mae (OTCQB: FNMA) ha colocado el precio de su sexta y última transacción de Connecticut Avenue Securities® (CAS) REMIC® de 2024, una oferta de $708 millones en notas. Esto lleva el total de emisiones CAS del año a aproximadamente $4.3 mil millones. El pool de referencia de la Serie CAS 2024-R06 incluye alrededor de 50,000 préstamos hipotecarios para viviendas unifamiliares con un saldo principal pendiente de $16.6 mil millones.
El pool de referencia está compuesto por hipotecas a tasa fija a 30 años con relaciones préstamo-valor del 60.01% al 80.00%, adquiridas entre octubre y diciembre de 2023. Fannie Mae retendrá porciones de varias tranches y la totalidad de las tranches de primera pérdida. La oferta incluye múltiples clases con diferentes niveles de precios y calificaciones esperadas.
Esta transacción marca el 67° negocio CAS de Fannie Mae, llevando su emisión total a casi $69 mil millones en notas, transfiriendo el riesgo de crédito sobre aproximadamente $2.3 trillones en préstamos hipotecarios para viviendas unifamiliares.
팬니 메이(Fannie Mae)(OTCQB: FNMA)가 2024년의 여섯 번째이자 마지막 Connecticut Avenue Securities® (CAS) REMIC® 거래의 가격을 책정했습니다. 이번 거래는 $7억 8천만 달러 규모의 노트 발행입니다. 이는 올해 총 CAS 발행액을 약 $43억 달러로 끌어올립니다. CAS 시리즈 2024-R06 참조 풀에는 약 50,000개의 단독 주택 담보 대출이 포함되어 있으며, 미지급 원금 잔액은 $166억 달러입니다.
참조 풀은 60.01%에서 80.00% 사이의 대출 대비 가치 비율을 가진 고정 금리, 30년 만기의 담보 대출로 구성되어 있으며, 2023년 10월에서 12월 사이에 인수되었습니다. 팬니 메이는 다양한 트랜치의 일부와 전체 최초 손실 트랜치를 유지합니다. 이 제공에는 다양한 가격 수준과 예상 등급이 있는 여러 클래스가 포함됩니다.
이번 거래는 팬니 메이의 67번째 CAS 거래로, 총 발행액이 거의 $690억 달러의 노트로 증가하며, 약 $23조 달러의 단독 주택 담보 대출에 대한 신용 위험을 이전합니다.
Fannie Mae (OTCQB: FNMA) a fixé le prix de sa sixième et dernière transaction Connecticut Avenue Securities® (CAS) REMIC® de 2024, une offre de $708 millions en obligations. Cela porte l'émission totale de CAS pour l'année à environ $4,3 milliards. Le pool de référence de la série CAS 2024-R06 comprend environ 50 000 prêts hypothécaires pour maisons unifamiliales avec un solde principal impayé de $16,6 milliards.
Le pool de référence se compose d'hypothèques à taux fixe d'une durée de 30 ans, avec des ratios prêt-valeur allant de 60,01 % à 80,00 %, acquis entre octobre et décembre 2023. Fannie Mae conservera des portions de plusieurs tranches et la totalité des tranches de première perte. L'offre comprend plusieurs classes avec différents niveaux de prix et des notations attendues.
Cette transaction marque le 67e accord CAS de Fannie Mae, portant son émission totale à près de $69 milliards en obligations, transférant le risque de crédit sur environ $2,3 billions en prêts hypothécaires pour maisons unifamiliales.
Fannie Mae (OTCQB: FNMA) hat den Preis ihrer sechsten und letzten Connecticut Avenue Securities® (CAS) REMIC®-Transaktion für 2024 festgelegt, ein $708 Millionen Notenangebot. Dies erhöht die gesamte CAS-Emission für das Jahr auf etwa $4,3 Milliarden. Der Referenzpool der CAS-Serie 2024-R06 umfasst etwa 50.000 Hypothekendarlehen für Einfamilienhäuser mit einem ausstehenden nicht bezahlten Kapitalbetrag von $16,6 Milliarden.
Der Referenzpool besteht aus Festzins-Hypotheken mit einer Laufzeit von 30 Jahren und Beleihungswertquoten von 60,01 % bis 80,00 %, die zwischen Oktober und Dezember 2023 erworben wurden. Fannie Mae wird Teile verschiedener Tranchen und die gesamte erste Verlusttranche behalten. Das Angebot umfasst mehrere Klassen mit unterschiedlichen Preisniveaus und erwarteten Ratings.
Diese Transaktion markiert das 67. CAS-Geschäft von Fannie Mae, wodurch sich ihre Gesamtemission auf nahezu $69 Milliarden in Noten erhöht, wobei das Kreditrisiko auf etwa $2,3 Billionen an Hypothekendarlehen für Einfamilienhäuser übertragen wird.
- Successful pricing of $708 million CAS REMIC transaction
- Total CAS issuance for 2024 reaches $4.3 billion
- Reference pool includes $16.6 billion in unpaid principal balance
- Cumulative CAS program has transferred risk on $2.3 trillion in mortgage loans
- None.
The reference pool for CAS Series 2024-R06 consists of approximately 50,000 single-family mortgage loans with an outstanding unpaid principal balance of approximately
Fannie Mae will retain a portion of the 1A-1, 1M-1, 1M-2, and 1B-1 tranches, and initially will retain the full 1B-2H and 1B-3H first-loss tranches.
Class | Offered Amount ($MM) | Pricing Level | Expected Ratings (S&P/KBRA) |
1A-1 | 30-day Average SOFR plus 115 bps | A+ (sf) / A+ (sf) | |
1M-1 | 30-day Average SOFR plus 105 bps | BBB+ (sf) / A- (sf) | |
1M-2 | 30-day Average SOFR plus 160 bps | BBB- (sf) / BBB (sf) | |
1B-1 | 30-day Average SOFR plus 205 bps | BB- (sf) / BB+ (sf) |
BofA Securities, Inc. ("BofA") is the lead structuring manager and joint bookrunner. Cantor Fitzgerald & Co. ("Cantor") is the co-lead manager and joint bookrunner. Co-managers are Morgan Stanley & Co, LLC ("Morgan Stanley"), Nomura Securities International Inc. ("Nomura"), StoneX Financial Inc. ("StoneX"), and Wells Fargo Securities, LLC ("Wells Fargo"). Selling group members are Academy Securities, Inc. and CastleOak Securities, L.P.
With the completion of this transaction, Fannie Mae will have brought 67 CAS deals to market, issued nearly
To promote transparency and to help credit investors evaluate our securities and the CAS program, Fannie Mae provides ongoing, robust disclosure data, as well as access to news, resources, and analytics through its credit risk transfer webpages. This includes our innovative Data Dynamics® tool that enables market participants to interact with and analyze CAS deals that are currently outstanding in the market and Fannie Mae's historical loan dataset. Our EU Resources and
In addition to our flagship CAS program, Fannie Mae continues to transfer mortgage credit risk through its Credit Insurance Risk Transfer™ (CIRT™) reinsurance program.
About Connecticut Avenue Securities
CAS REMIC notes are issued by a bankruptcy-remote trust. The amount of periodic principal and ultimate principal paid by Fannie Mae is determined by the performance of a large and diverse reference pool. For more information on individual CAS transactions, visit our credit risk transfer webpage.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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Statements in this release regarding the company's future CAS transactions are forward-looking. Actual results may be materially different as a result of market conditions or other factors listed in "Risk Factors" or "Forward-Looking Statements" in the company's annual report on Form 10-K for the year ended December 31, 2023. This release does not constitute an offer or sale of any security. Before investing in any Fannie Mae issued security, potential investors should review the disclosure for such security and consult their own investment advisors.
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