Fannie Mae prints 8th and final CAS of 2023

Fannie Mae has printed its US$609m CAS 2023-08, the eighth and final CAS offering of 2023.

Morgan Stanley was the lead structuring manager, and joint bookrunner. Wells Fargo is the co-lead and also joint bookrunner.

There are three tranches to the trade. The A-/A- US$278m M1 has been priced at 30-day SOFR plus 150bp, the BBB/BBB+ US$206m M2 at SOFR plus 250bp and the BB/BBB- US$125m B1 at SOFR plus 355bp.

Fannie Mae retains a portion of all three tranches.

The reference pool for the deal consists of around 60,000 low LTV single family loans acquired between October and December last year with an outstanding unpaid principal balance of US$18.9bn.