FANNIE Mae will attempt to repeat the success of its Benchmark Note issuance programme and create a liquid, international market for callable product later this month when it launches a new issuance programme -- Callable Benchmark Notes. Callable debt is a key part of the US agency's funding, allowing it to manage the interest rate risk on its $433bn mortgage portfolio. In 1998, Fannie Mae issued more than $90bn of its $147bn long term funding in callable and other option-embedded funding instruments.
April 09, 1999