Fannie Mae issues only $7.37 billion in May, buys back $50 million

By Angela McDaniels

Tacoma, Wash., June 30 - Fannie Mae issued $7.37 billion of debt securities during May, according to the agency's summary for the month.

The month's issuance is greater than that of April - $6.92 billion - but is otherwise the least amount issued in any of the last 13 months. Issuance has averaged $30.30 billion per month over this period.

Nearly halfway into 2011, the year's total issuance, $66.15 billion, is an anemic 14.3% of the $463.38 billion issued during the full-year 2010. To catch up to 2010's issuance, Fannie Mae would have to issue $56.75 billion in each of the remaining months of 2011.

Repurchases, on the other hand, already outpace 2010. The agency repurchased $50 million of debt securities in May, bringing the total amount repurchased in 2011 to $2.24 billion. In the full-year 2010, it repurchased $1.33 billion.

Fannie Mae said that $27.77 billion of debt securities matured or were redeemed during May, and the total amount of debt securities outstanding at the end of the month was $589.26 billion.

In April, $23.90 billion of debt securities matured or were redeemed, and the total amount of debt securities outstanding at the end of the month was $609.73 billion.

All of the debt securities referenced above have a term of more than one year.

When debt securities with a term of one year or less are added, $747.37 billion of Fannie Mae debt securities were outstanding at the end of May, compared with $784.79 billion at the end of April and $840.12 billion at the end of May 2010.

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