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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 11/02/2018
Entire Document
 
 
MD&A | Liquidity and Capital Management


__________
(1) 
Outstanding debt amounts and weighted-average interest rates reported in this chart and table include the effects of discounts, premiums, other cost basis adjustments and fair value gains and losses associated with debt that we elected to carry at fair value. Reported amounts for total debt of Fannie Mae include unamortized cost basis adjustments and fair value adjustments of $433 million and $788 million as of September 30, 2018 and December 31, 2017, respectively.
(2) 
See “Business Segments—Single-Family Business—Single-Family Mortgage Credit Risk Management—Transfer of Mortgage Credit Risk—Credit Risk Transfer Transactions” in our 2017 Form 10-K and this report for information regarding our Connecticut Avenue Securities.
For more information on our outstanding short-term and long-term debt, see “Note 7, Short-Term and Long-Term Debt.”
Debt Funding Activity
The table below displays the activity in debt of Fannie Mae. This activity excludes the debt of consolidated trusts and intraday loans. The reported amounts of debt issued and paid off during the period represent the face amount of the debt at issuance and redemption.
Activity in Debt of Fannie Mae
 
 
 
 
 
For the Three Months
 
For the Nine Months
 
Ended September 30,
 
Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars in millions)
Issued during the period:
 
 
 
 
 
 
 
Short-term:
 
 
 
 
 
 
 
Amount
$
106,520

 
$
199,940

 
$
446,914

 
$
513,635

Weighted-average interest rate
1.90
%
 
0.97
%
 
1.52
%
 
0.78
%
Long-term:(1)
 
 
 
 
 
 
 
Amount
$
6,032

 
$
6,435

 
$
17,595

 
$
25,457

Weighted-average interest rate
3.26
%
 
2.44
%
 
3.08
%
 
2.44
%
Total issued:
 
 
 
 
 
 
 
Amount
$
112,552

 
$
206,375

 
$
464,509

 
$
539,092

Weighted-average interest rate
1.97
%
 
1.02
%
 
1.58
%
 
0.85
%
Paid off during the period:(2)
 
 
 
 
 
 
 
Short-term:
 
 
 
 
 
 
 
Amount
$
103,256

 
$
197,034

 
$
451,295

 
$
515,220

Weighted-average interest rate
1.82
%
 
0.93
%
 
1.42
%
 
0.71
%
Long-term:(1)
 
 
 
 
 
 
 
Amount
$
12,668

 
$
21,123

 
$
42,854

 
$
60,419

Weighted-average interest rate
1.62
%
 
1.35
%
 
1.47
%
 
2.81
%
Total paid off:
 
 
 
 
 
 
 
Amount
$
115,924

 
$
218,157

 
$
494,149

 
$
575,639

Weighted-average interest rate
1.79
%
 
0.97
%
 
1.43
%
 
0.93
%
__________
(1) 
Includes Connecticut Avenue Securities.
(2) 
Consists of all payments on debt, including regularly scheduled principal payments, payments at maturity, payments resulting from calls and payments for any other repurchases. Repurchases of debt and early retirements of zero-coupon debt are reported at original face value, which does not equal the amount of actual cash payment.

Fannie Mae Third Quarter 2018 Form 10-Q
44