Fannie Mae-No Politics (FNMA)

[FOFreddie]

Thank you Holden

It seems that they could the capital they need a lot faster via COCO issuance. Probably could do $25 bn each for FNMA and FMCC on one shot.
Do you think they ever would issue Euro denominated and swap back to USD. European investors with investment authority limitations would probably eat the up since they are very familar with contingent structures and are desparate for yield. EUR 1.5% FNMA COCO swapped back to USD - maybe 2.5 to 3.0 % all in?

Probably a great diversifies to German Bunds with negative interest rates.