Fannie Mae Announces 2023 Connecticut Avenue Securities (CAS) Issuance Calendar

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) announced today its 2023 Connecticut Avenue Securities® (CAS) Issuance Calendar as part of its efforts to ensure transparency in the market. Fannie Mae has the option to issue, or forgo issuance of, one or more CAS deals during each window. The company does not plan to issue additional credit risk transfer (CRT) transactions in 2022.

"We appreciate the continued investor engagement during a landmark year in which we issued nearly $9 billion in CAS notes," said Devang Doshi, Senior Vice President, Single-Family Capital Markets, Fannie Mae. "We will remain dynamic in our approach to CAS issuance in 2023; we currently anticipate lower issuance volumes in the range of $6-8 billion. Fannie Mae's issuance strategy, including volumes and decisions to utilize or forgo available windows, continues to be dependent on market conditions and other factors."

Since 2013, Fannie Mae has transferred a portion of the credit risk on single-family mortgages with an unpaid principal balance of over $2.9 trillion through its CRT efforts, including CAS, Credit Insurance Risk Transfer™ (CIRT™), and other forms of risk transfer.

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 our approach to credit risk management, individual CAS transactions, and EU and UK investor resources, visit our website.