Aside from the odd foray into the yen market, Fannie Mae has always been a devout US dollar issuer. But, since the start of 1997, something has changed. Of the 11 international bonds the US agency has issued this year, only three have been in its home currency. Does this signal a definite shift in Fannie Mae’s borrowing strategy?
The first non-dollar deal this year was a successful £1 billion (US$1.67 billion) global in February, which heralded the resurgence of sterling as an international debt market.
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