Fannie Mae has priced a $1.15 billion credit-risk sharing transaction through its Connecticut Avenue Securities (CAS) series.

The bonds issued through the CAS series are linked to the credit performance of a pool of reference loans that the government-sponsored enterprise has underwritten. This is the third GSE risk-sharing bond issuance that Fannie Mae has issued this year, and also the fourth that exposes investors to actual losses – rather than estimated losses – of the underlying single-family mortgages.

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