Fannie Mae priced Connecticut Avenue Securities® (CAS) Series 2023-R06, an approximately $766 million note offering that represents Fannie Mae's sixth CAS REMIC® transaction of the year. CAS is Fannie Mae's benchmark issuance program designed to share credit risk on its single-family conventional guaranty book of business. The reference pool for CAS Series 2023-R06 consists of approximately 64,000 single-family mortgage loans with an outstanding unpaid principal balance of approximately $20.3 billion.

The reference pool includes collateral with loan-to-value ratios of 60.01% to 80.00%, which were acquired between July 2022 and October 2022. The loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using rigorous credit standards and enhanced risk controls. Fannie Mae will retain a portion of the 1M-1, 1M-2, 1B-1, and 1B-2 tranches, and initially will retain the full 1B-3H first-loss tranche.

BofA Securities Inc. ("BofA") is the lead structuring manager and joint bookrunner. StoneX Financial Inc. ("StoneX") is the co-lead manager and joint bookrunner. Co-managers are Cantor Fitzgerald & Co.

("Cantor"), Morgan Stanley & Co, LLC ("Morgan Stanley"), Nomura Securities International Inc. ("Nomura"), and Santander US Capital Markets LLC ("Santander"). Selling group members are Minority and Service-Disabled Veteran-owned Academy Securities Inc. and African-American-owned Loop Capital Markets LLC. With the completion of this transaction, Fannie Mae will have brought 59 CAS deals to market, issued over $63 billion in notes, and transferred a portion of the credit risk to private investors on over $2.1 trillion in single-family mortgage loans, measured at the time of the transaction.

To promote transparency and to help credit investors evaluate securities and the CAS program, Fannie Mae provides ongoing, robust disclosure data, as well as access to news, resources, and analytics through its credit risk transfer webpages. This includes innovative Data Dynamics® tool that enables market participants to interact with and analyze CAS deals that are currently outstanding in the market and Fannie Mae's historical loan dataset. In addition, Fannie Mae provides monthly loan-level and deal-level data in European Securities and Markets Authority (ESMA) Annex 2 and Annex 12 template formats directly in Data Dynamics.

This data is provided on a go-forward basis for all benchmark CAS deals beginning with CAS 2019-R01. Our EU Resources and UK Resources webpages are designed to help European Union and UK institutional investors, as well as those managing funds subject to EU/UK regulations. In addition to CAS program, Fannie Mae continues to transfer mortgage credit risk through its Credit Insurance Risk Transfer? (CIRT?) reinsurance program.