Tribal Cap, Fannie Mae passes on Benchmark slot

Fannie Mae has a calendar slot today for a Benchmark Note syndicated transaction; however, the prospects for a new issue seem a bit low. Fannie has had 3 Benchmarks roll off this year for a total of $11bln - but they were in Jan and Feb. They don't have another Benchmark maturity until June, FNMA 1.75% 6/20/19, a $2bln orig issue 5yr. Including that issue, Fannie has another $20bln maturing in 2019. In terms of calendar slots, they have only one in June but its 6/11th prior to the next maturing deal. They do have two July slots on 7/2nd and 7/24th and one of those slots seems more in line w/ their maturing debt, albeit a touch more difficult time of year to be in the market

Here is a breakout of Fannie's current outstanding Benchmarks:

Ian C. Burdette, CFA, CMT Senior Managing Director

Ian C. Burdette, CFA, CMT
Senior Managing Director