Fannie Mae-No Politics (FNMA)

[JOoa0ky]

Especially when they have limited 5 year call windows.

Boy that jogged the memory

All of the paper is past 5 years the usual call barrier

But some - ? - can only be called on 5 year cycles ?

Do you know if that might be H I S (which I own)

Interesting point !! --- if and when it starts paying again - it likely will trade below PAR for uncertainty (my guess) and not adjust for the higher than market interest so yield to maturity will like be coupon yield plus the step up to par

hhmm

All prefs are callable with the exception of (2). FNMAS and FMCKJ. Those two specifically have a call date every 5 years. FNMAS is this year on 12/31/20 I believe or 12/30/20... FMCKJ is not until 2022.

Also why calabria also mentioned IPO at different times.

The difference in the callability is also why those 2 trade at a premium compared to others. Their high div rate + specific callable date. Most likely higher conversion rate as well. Those will need to be converted.