I’m presuming once uplisted and everything that they’ll be calling in FNMAT FNMAS and FMCKJ and reissuing with a 5% or so dividend when rates drop. Might call in other series too but those would be big ones to relieve their dividend obligations. Might not even reissue but they’ll definitely call them in ASAP as those rates are nutty on face value.
I basically agree with Viking - not sure what comes first uplisting or SPS announcement. My question is why has Trump waited to uplist - if there is a reason that reason still exists. I believe there will be an option for JPS to convert - especially for FMCC because FMCC in particular needs the ERCF CET1 capital. Depending on whether the ERCF CET1 with Buffers stays in place or not - FNMA may also need the JPS to be converted to common but FMCC almost certainly need more common equity capital. My thesis is what deal will make all of the White House Invitee list content - which includes Ackman, Paulson and Moelis.
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