Fannie Mae Announces Results of Tender Offer for Any and All of Certain CAS Notes

Rhea-AI Summary

Fannie Mae (OTCQB: FNMA) announced results of fixed-price cash tender offers for certain Connecticut Avenue Securities notes, showing $2,000,415,199 in original principal amount tendered and accepted, representing 88.87% of the aggregate $2,250,877,000 original principal balance.

Several classes were fully accepted (100.00%), including Series 2017-C03 Class 1B-1 and Series 2020-SBT1 Class 2M-2. Settlement for accepted Notes is expected on October 7, 2025, with Notes tendered via Notice of Guaranteed Delivery expected to be purchased on October 8, 2025. Dealer managers and agents for the Offers are named in the announcement.

Positive

• Accepted notes totaling $2,000,415,199 (88.87% of $2,250,877,000)
• Series 2017-C03 Class 1B-1 tendered and accepted at 100.00%
• Series 2020-SBT1 Class 2M-2 tendered and accepted at 100.00%
• Multiple 2022 classes received strong participation (81.03%–94.83%)

Negative

• Series 2018-C04 Class 2B-1 received 0.00% participation
• Series 2017-C06 Class 2B-1 participation was only 1.01%
• $27,281,728 of accepted Notes settled via guaranteed delivery on a later date

WASHINGTON, Oct. 6, 2025 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its fixed-price cash tender offers (each, an "Offer" and, collectively, the "Offers") for any and all of certain Connecticut Avenue Securities^® (CAS) Notes listed in the table below (the "Notes") upon the terms and subject to the conditions set forth in the Offer to Purchase and related Notice of Guaranteed Delivery, each dated as of September 29, 2025 (collectively, the "Offer Documents").

A total of $2,000 million in original principal amount of Notes were validly tendered and not validly withdrawn on or before the designated Expiration Time for the Offers, which was 5:00 p.m. on October 3, 2025. The table below sets forth the original principal balance of the Notes, the percentage of original principal amount tendered, and the original principal amount tendered in the Offers.

Name of Security	Trust	CUSIP	ISIN	Original Principal Balance 1	Percentage of Original Principal Amount Tendered2	Original Principal Amount Tendered3
Connecticut Avenue Securities, Series 2017-C03, Class 1B-1 Notes	N/A	30711XJW5	US30711XJW56	$26,045,000.00	100.00 %	$26,045,000.00
Connecticut Avenue Securities, Series 2017-C06, Class 2B-1 Notes	N/A	30711XSW5	US30711XSW55	$19,316,000.00	1.01 %	$195,000.00
Connecticut Avenue Securities, Series 2017-C07, Class 1B-1 Notes	N/A	30711XUW2	US30711XUW28	$27,201,000.00	85.33 %	$23,211,000.00
Connecticut Avenue Securities, Series 2018-C04, Class 2B-1 Notes	N/A	30711XR30	US30711XR309	$17,000,000.00	0.00 %	-
Connecticut Avenue Securities, Series 2018-C06, Class 2B-1 Notes	N/A	30711X5V2	US30711X5V23	$25,087,000.00	39.78 %	$9,980,000.00
Connecticut Avenue Securities, Series 2020-SBT1, Class 2M-2 Notes	Connecticut Avenue Securities Trust 2020-SBT1	20753VCZ9	US20753VCZ94	$316,415,000.00	100.00 %	$316,415,000.00
Connecticut Avenue Securities, Series 2021-R02, Class 2M-2 Notes	Connecticut Avenue Securities REMIC Trust 2021-R02	20754KAB7	US20754KAB70	$283,566,000.00	84.73 %	$240,260,886.00
Connecticut Avenue Securities, Series 2022-R01, Class 1M-2 Notes	Connecticut Avenue Securities REMIC Trust 2022-R01	20754LAB5	US20754LAB53	$434,007,000.00	81.03 %	$351,667,668.00
Connecticut Avenue Securities, Series 2022-R06, Class 1M-1 Notes	Connecticut Avenue Securities REMIC Trust 2022-R06	20754NAB1	US20754NAB10	$332,500,000.00	92.61 %	$307,936,000.00
Connecticut Avenue Securities, Series 2022-R07, Class 1M-1 Notes	Connecticut Avenue Securities REMIC Trust 2022-R07	20754MBZ9	US20754MBZ95	$391,813,000.00	93.49 %	$366,305,000.00
Connecticut Avenue Securities, Series 2022-R08, Class 1M-1 Notes	Connecticut Avenue Securities REMIC Trust 2022-R08	20755DAA4	US20755DAA46	$377,927,000.00	94.83 %	$358,399,645.00
				$2,250,877,000.00	88.87 %	$2,000,415,199.00

1 Represents the aggregate original principal amount of the applicable Class issued on the issue date thereof, less the aggregate original principal amount of such Class repurchased by the Company pursuant to one or more prior tender offers, if applicable.

2 Rounded to the nearest hundredth of a percent.

3 Original Principal Amount tendered includes $27,281,728 of Notes tendered using the Notice of Guaranteed Delivery.

 

The settlement date for the Notes tendered and accepted for purchase in the Offers is expected to occur on Tuesday, October 7, 2025 (the "Settlement Date"). Any Notes tendered and accepted for purchase in the Offers using the Notice of Guaranteed Delivery are expected to be purchased on October 8, 2025.

BoA Securities acted as the designated lead dealer manager and Wells Fargo Securities acted as the designated dealer manager for the Offers. Global Bondholder Services Corporation was engaged as the tender agent and information agent for the Offers.

Related Links:
CAS Debt Tender Offer Press Release
CAS Notes Tender Offer Frequently Asked Questions

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This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Fannie Mae, including the Notes. Nothing in this press release constitutes advice on the merits of buying or selling a particular investment. Any investment decision as to any purchase or sale of securities referred to herein must be made solely on the basis of information contained in the Offer Documents, and no reliance may be placed on the completeness or accuracy of the information contained in this press release. The Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Offer to be made by a licensed broker or dealer, the Offer will be deemed to be made on behalf of the Company by BofA Securities Inc or Wells Fargo Securities, LLC (as applicable) or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

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.

This release includes forward-looking statements, including statements relating to the timing and expected settlement and closing of the purchase of the Notes in a tender offer. These forward-looking statements are based on Fannie Mae's present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may turn out to be different from these statements. Factors that may lead to different results are discussed in "Risk Factors," "Forward-Looking Statements," and elsewhere in the Offer Documents and the documents incorporated by reference therein. All forward-looking statements are made as of the date of this press release, and Fannie Mae assumes no obligation to update this information.

Connecticut Avenue Securities is a registered mark of Fannie Mae. Unauthorized use of this mark is prohibited.

 

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SOURCE Fannie Mae

FAQ

How much principal did Fannie Mae accept in the October 6, 2025 CAS tender offers (FNMA)?

Fannie Mae accepted $2,000,415,199 in original principal amount, representing 88.87% of the $2,250,877,000 aggregate original balance.

When will Fannie Mae settle the accepted CAS notes from the October 2025 tender offers (FNMA)?

Settlement for accepted Notes is expected on October 7, 2025, and Notes tendered by Notice of Guaranteed Delivery are expected to be purchased on October 8, 2025.

Which CAS classes were fully tendered and accepted in Fannie Mae's October 2025 offers (FNMA)?

Series 2017-C03 Class 1B-1 and Series 2020-SBT1 Class 2M-2 were tendered and accepted at 100.00%.

How much of the tendered CAS notes were submitted via Notice of Guaranteed Delivery in Fannie Mae's October 2025 offers (FNMA)?

$27,281,728 of Notes were tendered using the Notice of Guaranteed Delivery and are expected to settle on the later purchase date.

Which CAS classes had low or no participation in Fannie Mae's October 2025 tender offers (FNMA)?

Series 2018-C04 Class 2B-1 had 0.00% participation and Series 2017-C06 Class 2B-1 had 1.01% participation.

Who acted as dealer managers and tender agent for Fannie Mae's CAS tender offers (FNMA)?

BofA Securities served as designated lead dealer manager, Wells Fargo Securities as designated dealer manager, and Global Bondholder Services Corporation as tender and information agent.