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WASHINGTON - Fannie Mae (OTCQB:FNMA), the $71.1 billion mortgage finance giant whose stock has surged over 276% year-to-date, announced Monday the completion of its fixed-price cash tender offers for certain Connecticut Avenue Securities (CAS) Notes, with $2 billion in original principal amount successfully tendered. According to InvestingPro data, the company’s stock movements have been notably volatile this year.
The offers, which expired on October 3, targeted ten different CAS Notes series. The response rate varied significantly across the different securities, with some classes seeing 100% tender rates while others had minimal participation. The Series 2020-SBT1, Class 2M-2 Notes saw complete participation with $316.4 million tendered, while the Series 2018-C04, Class 2B-1 Notes received no tenders. This transaction comes as Fannie Mae manages its $28.89 billion revenue business, maintaining a FAIR overall financial health score.
Overall, 88.87% of the eligible original principal amount across all targeted notes was tendered in the offers. The settlement date for accepted notes is expected to be Tuesday, October 7, with notes tendered using the Notice of Guaranteed Delivery to be purchased on October 8.
The tender offers were managed by BoA Securities as the lead dealer manager and Wells Fargo Securities as the designated dealer manager. Global Bondholder Services Corporation served as the tender agent and information agent for the offers.
The announcement comes as part of Fannie Mae’s ongoing portfolio management activities. The tender offers were conducted upon terms detailed in the Offer to Purchase and related Notice of Guaranteed Delivery documents dated September 29, 2025.
This information is based on a press release statement issued by Fannie Mae. Investors anticipating the company’s next earnings report on October 30 can access comprehensive analysis and additional insights through InvestingPro, which offers exclusive ProTips and detailed financial metrics in its Pro Research Report, available for over 1,400 US stocks.
In other recent news, Fannie Mae has launched fixed-price cash tender offers to purchase certain Connecticut Avenue Securities (CAS) Notes, with an aggregate original principal balance of approximately $2.25 billion. The tender offers cover 11 classes of CAS Notes and are set to expire on October 3, 2025. Additionally, Fannie Mae’s Economic and Strategic Research Group forecasts mortgage rates to dip to 6.4% by the end of 2025 and further decrease to 5.9% by the end of 2026. This forecast also projects an increase in combined home sales and single-family mortgage originations over the next two years. In analyst coverage, Deutsche Bank has initiated coverage on Fannie Mae with a Buy rating and a price target of $20.00, while B.Riley has started coverage with a Neutral rating and a $10.00 price target. Furthermore, Fannie Mae has begun marketing a sale of reperforming loans totaling approximately $560.5 million in unpaid principal balance, as part of its efforts to reduce its retained mortgage portfolio. These developments highlight the company’s ongoing financial strategies and market activities.
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