Fannie Mae-No Politics (FNMA)

[Donotunderstand]

Back to that use of the word PRICE

There is every intention to price - issue out on IPO date at the yield (coupon) and $25 price. As the coupon is fixed - (old days typed !!) if demand at that yield is not enough to sell all that the IPO issuer of JPS wants to sell - they lower the price of the offering (which increases current yield that day) -- so it might come out - first paid for and traded at say 24.85

IMO - with some education on this with a Series 7 --- it is the PAR or call price or eventual end value - at $25 that is considered universally firm and protected by contract

note - common via IPO also is issued by prospectus and contract