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Fannie Mae issues $135.61 billion in first four months of year; callable fixed-rate notes dominate
By Angela McDaniels
Tacoma, Wash., May 27 - Fannie Mae said it issued $135.61 billion of long-term debt during the first fourth months of 2010, bringing the total amount of long-term debt outstanding to $593.79 billion as of April 30.
According to a funding summary from the agency, the majority of the notes issued in the period were callable fixed-rate medium-term notes, with a total of $95.4 billion.
Of the remainder, $19.5 billion were Benchmark notes and bonds, $17.6 billion were noncallable floating-rate medium-term notes, $1.98 billion were callable floating-rate medium-term notes, $1.08 billion were noncallable fixed-rate medium-term notes and $48 million were other long-term debt.
The summary shows that issuance of long-term debt has increased in each of the last three years. The agency issued $193.91 billion of long-term debt in 2007, $248.4 billion in 2008 and $295.28 billion in 2009.
Despite being only one-third of the way through the year, 2010's issuance so far is nearly half of the amount issued in 2009.
When the amount of long-term debt repaid during the four months ended April 30 is included, the net issuance of long-term debt for the period was $8.6 billion.
Of the long-term debt securities outstanding at April 30, Benchmark notes/bonds and callable fixed-rate notes make up the majority with $277.62 billion and $220.24 billion, respectively.
Noncallable floating-rate notes follow with $41.58 billion. Of the remainder, $39.29 billion are noncallable fixed-rate notes, $4.49 billion are callable floating-rate notes and $3.18 billion are other long-term debt.
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