Fannie Mae priced its second offering of Connecticut Avenue risk-sharing notes at spreads that were significantly tighter than those of its inaugural issue in October of last year.

The $375 million M1 tranche, which is expected to be rated BBB- by Fitch Ratings and Baa2 by Moody’s Investors Service, priced at a spread of one-month Libor plus 160 basis points, 40 basis points tighter than the 200 basis point spread on the same tranche of its first offering.

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