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Press Release

SOFR - Fannie Mae Returns to Secured Overnight Financing Rate (SOFR) Market with $2.5 Billion Transaction

April 29, 2019

Fourth SOFR Offering Met With High Demand

Matthew Classick

WASHINGTON, DC – Today, Fannie Mae (FNMA/OTCQB) announced and priced its fourth issuance of Secured Overnight Financing Rate (SOFR) securities, issuing $2.5 billion of 18-month, floating-rate corporate debt.

"Today's transaction is an opportunity to maintain a SOFR curve out to 18 months," said Nadine Bates, Senior Vice President and Treasurer, Fannie Mae. "We recently hit the one-year anniversary of the first publication of SOFR and, in a short amount of time, have seen significant growth in this market. It is important to continue the momentum toward developing alternatives to the London Interbank Offered Rate (LIBOR). The only way to build further liquidity in the SOFR market is if market participants remain actively engaged."

There are currently over $80 billion of SOFR-linked securities in the marketplace since the rate was first published in April 2018.

Transaction Summary

Maturities CUSIP Amount Pricing
18-month 3135G0V67 $2.5B SOFR + 7.5 bps

Investor Distribution*

SOFR - Secured Overnight Financing Rate Security Investor Distribution April 2019

Numbers may not foot due to rounding

*Indicative as of April 29, 2019

Barclays Capital Inc., Nomura Securities International, Inc. and Wells Fargo Securities, LLC are the lead managers on this transaction. Loop Capital Markets LLC and Samuel A. Ramirez & Co., Inc. are selling group members.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase of securities referred to herein must be made solely on the basis of information contained in Fannie Mae's applicable Offering Circular, and no reliance may be placed on the completeness or accuracy of the information contained in this press release.

You should not deal in securities unless you understand their nature and the extent of your exposure to risk. You should be satisfied that they are suitable for you in light of your circumstances and financial position. If you are in any doubt you should consult an appropriately qualified financial advisor.

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