Fannie makes big splash in adjustable-rate loans.

Fannie Mae, seeking additional funding sources, has made its first issue of global debentures.

The $1.5 billion issue, denominated in dollars and listed on the Luxembourg stock exchange, has been priced at 99.75 to yield 7.436%. It has been rated triple-A by both Moody's and Standard & Poor's.

A spokesman said the issue would also increase the visibility in the global marketplace of Fannie Mae's stock and mortgage-backed securities.

"Strong worldwide interest in the issue was evident and Fannie Mac expects more than half of the issue to be sold to overseas investors," the announcement said. By contrast, about 10% of Fannie's long-term debt was sold overseas last year.

Fannie plans to use global issues as part of its regular debt programs "as market conditions permit." The agency, formally the Federal National Mortgage Association. had delayed entering the global market until it had built up the domestic market for its callable bonds, said treasurer Linda Knight.

The rise in interest rates, she said, had restimulated Fannie's interest in noncallable bonds and it has opted for the global market because of the perception that spreads are tighter.

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