CAS Notes

On October 6, 2025, Fannie Mae announced the results of its fixed-price cash tender offers for Connecticut Avenue Securities (CAS) Notes. A total of $2 billion in original principal amount of notes were validly tendered. The settlement date is expected to be October 7 and 8, 2025. BoA Securities and Wells Fargo Securities acted as dealer managers for the offers. The repurchase of these notes reflects a strategic move to manage capital structure, reduce risk exposure, and signals confidence in its ability to manage credit risk.