Fannie Mae-No Politics (FNMA)

[kthomp19]

99.9% would be tendered

Yeah, that makes more sense. I thought some FNMAS or FMCKJ holders would hold out, hoping for dividends to be turned back on later, but the bird in the hand would win out for essentially everyone.

I think it's kind of moot, though, because conversion to commons makes $33B more sense than redemption (maybe I should say $28B more at 85% of par).