Debt Products and Reports

Fannie Mae offers a broad range of debt products, designed with transparency and flexibility to deliver attractive investment opportunities.

We issue debt securities in domestic and global capital markets to support our housing finance mission and fund our business activities.

Investor ecosystem and distribution
Institutional investors in Fannie Mae debt include fund managers, commercial banks, pension funds, insurance companies, central banks, corporations, state and local governments, and other municipal authorities. Distribution occurs through a select group of securities dealers and dealer banks.

How Fannie Mae typically issues debt - At a glance

Issuance methods:

  • Posted offerings (e.g., for Discount Notes and Floating-Rate Notes)​
  • Reverse inquiry (e.g., for Fixed Rate Callables)​
  • Scheduled offerings (e.g., for Benchmark Notes®)​
  • Scheduled auctions (e.g., for Benchmark Bills®)​

Additional information:

Related available reports

Debt Funding Summary

Key advantages

  • Competitive spread to U.S. Treasury Bills in typical environments.
  • Wide range of available maturity dates.
  • Frequent offerings with publicly posted discount rates.


​Key features / structures​

  • Discount Notes:
    • Sold at a discount and mature at par.​
    • No periodic interest payments.​
    • Maturities may range from overnight to one year.​
    • Standard settlement options include cash (T+0), regular (T+1), or skip-day (T+2), with longer settlement periods available via reverse inquiry. 
  • Benchmark Bills:
    • Additional supply of discount notes issued via auction.​
    • Standard maturities include 1-, 2-, 3-, 4-, 6-month, or 1-year.​
    • Standard settlement options typically include cash (T+0) and regular (T+1).​​


Issuance & trading mechanics

  • Discount Notes:
    • Posted offerings most business days.​
    • Discount rates are typically published between 8:30 a.m. and 9:00 a.m. ET and are subject to change during the day due to market conditions.​
    • Cash (T+0) settlement is generally available until 12:00 p.m. ET, while other settlement options are generally available until 2:00 p.m. ET.​
    • Investors may purchase posted offerings or submit a reverse inquiry via approved dealers. ​
  • Benchmark Bills:
    • May be auctioned on a weekly basis, conducted via a Dutch auction format.
    • Offering sizes are announced on the same day as the auction, generally held on Wednesdays between 9:00 a.m. and 9:45 a.m. ET.​
    • Results are typically posted within minutes of the scheduled auction close time.​​
    • Investors may submit competitive or noncompetitive bids during the auction via approved dealers.​

​

Related available reports

 

Key advantages

  • Competitive spread to short-term interest rates in typical environments.
  • Limited interest rate risk profile, with protection against negative interest rates.
  • Large-sized offerings are common.


Key features/structures

  • Interest rate is variable and based on an index, typically SOFR, plus or minus a spread.
  • Interest payment frequency is typically quarterly.
  • Maturities generally range from three months to three years.
  • Settlement date is specified for each offer and usually occurs within a few days.
  • May include call option(s) which can provide incremental spread.


Issuance & trading mechanics

  • Usually issued via posted offering but may also be issued via dealer syndicate or reverse inquiry.
  • Posted offering information:
    • Final details including structure, spread, and target/max amount are communicated shortly before orders are accepted.
    • Orders are typically collected for a brief period before allocation, but some offerings may be first come, first served.
    • Investors may submit orders via approved dealers.

 

Related available reports

Key advantages

  • Typically provide additional spread over comparable U.S. Treasuries.
  • Provide more predictable interest payments.
  • Range of maturities that can be used to meet different investment objectives.
  • May include call option(s) which can provide further additional yield above comparable maturity bullet securities as compensation.


Key features/structures

  • Fixed Rate Callables:​

    • Principal may be redeemed prior to the stated final maturity date based on the option schedule.
    • Interest rate is fixed at issuance*.​
    • Interest payment frequency is typically semi-annual but can be a different frequency if desired.​
    • Final maturities generally range from six months to ten years.
    • Lockout periods generally range from one month to three years.​
    • Call option frequency may be European (one-time), Bermudan (periodic), or American (continuous).​
    • Settlement date is flexible between one to thirty days.​

    * Interest rate on step rate callables moves up or down based on a predetermined schedule.​

    Fixed Rate Non-Callables:​

    • Principal is redeemed only at the stated final maturity date.​
    • Interest rate is fixed at issuance and does not change.​
    • Interest payment frequency is typically semi-annual but can be another frequency.​
    • Maturities generally range from one year to ten years.​
    • Settlement date may be between one and thirty days.​
    • May be STRIP eligible.​


Issuance & trading mechanics​

  • Fixed Rate Callables:​
    • Reverse inquiries are accepted most business days.​
    • Investors may purchase callables via approved dealers.​
    • Pricing depends on the structure and market conditions.​
    • Exercise of call options is largely dependent on interest rate conditions. Call notices are published on Fedwire Call Notices and in our Recently Called Securities reports provided below under related available reports.​
  • Fixed Rate Non-Callables:​
    • Benchmark Notes:​
      • Issued or re-opened via dealer syndicate or auction.​
      • Benchmark Notes may be issued on pre-determined dates shown in the issuance calendar.​
    • Other Fixed Rate Bullets:​
      • Investors may submit a reverse inquiry via approved dealers.​

Related available reports

Debt Document Search

:
: