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Fannie Mae prices $1.03B note offering as part of credit risk transfer program

Fannie Mae priced its Connecticut Avenue Securities Series 2020-R01 note offering at $1.03 billion as part of its credit risk transfer program.

The reference pool for CAS Series 2020-R01 consists of about 105,000 single-family mortgage loans with an outstanding unpaid principal balance of roughly $29 billion.

With the completion of this transaction, Fannie Mae will have issued $45 billion in notes, and transferred a portion of the credit risk to private investors on close to $1.5 trillion in single-family mortgage loans as part of the Connecticut Avenue Securities program.

Morgan Stanley & Co. LLC is the lead structuring manager and joint book runner and Wells Fargo Securities LLC is the co-lead manager and joint book runner. BofA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Nomura Securities International Inc. are co-managers. Drexel Hamilton LLC and Loop Capital Markets LLC are selling group members.