Fannie Mae issues $16.67 billion in July, buys back $543 million

By Angela McDaniels

Tacoma, Wash., Aug. 31 - Fannie Mae issued $16.67 billion of debt securities during July, according to the agency's summary for the month.

July's issuance is 7.4% more than June's issuance, $15.52 billion. The agency has increased its issuance for three consecutive months since reaching a low of $7.37 billion in May.

When compared with a year earlier, however, July registered a significant decline. The month's issuance is 59.0% less than the $40.67 billion issued in July 2010.

The agency issued $98.33 billion of debt securities during the first seven months of this year. In comparison, it issued $243.58 billion during the same period of 2010. To catch up to 2010's issuance, Fannie Mae would have to issue $73.01 billion in each of the remaining months of 2011. This is more than five times the average issuance per month so far this year, $14.05 billion.

Repurchases, on the other hand, already outpace 2010. The agency repurchased $543 million of debt securities in July, bringing the total amount repurchased in 2011 to $2.84 billion. In the full-year 2010, it repurchased $1.33 billion.

Fannie Mae said that $24.14 billion of debt securities matured or were redeemed during July, and the total amount of debt securities outstanding at the end of the month was $565.63 billion.

In June, $31.08 billion of debt securities matured or were redeemed, and the total amount of debt securities outstanding at the end of the month was $573.62 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, $740.86 billion of Fannie Mae debt securities were outstanding at the end of July, compared with $735.69 billion at the end of June and $851.86 billion at the end of July 2010.

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