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Fannie Mae prices credit risk-sharing transaction

Fannie Mae has priced its first credit risk-sharing transaction of the year under its Connecticut Avenue Securities program.

CAS Series 2017-C01 is a $1.35 billion note offering scheduled to settle Jan. 26.

The reference pool consists of more than 180,000 single-family mortgage loans with an outstanding unpaid principal balance of about $43.8 billion. The loans in the pool have loan-to-value ratios between 60% and 80% and were acquired from March 2016 through June 2016. The loans included in the transaction are fixed-rate, generally 30-year term, fully amortizing mortgages.

Fannie Mae will retain part of each tranche to align its interests with investors.

Bank of America Merrill Lynch is the lead structuring manager and joint book runner, while Wells Fargo Securities is the co-lead manager and joint book runner. Barclays Capital, BNP Paribas Securities, Citigroup Global Markets and J.P. Morgan Securities are co-managers. Selling group members are Tribal Capital Markets LLC and Williams Capital Group LP.