For those above 80%, the spreads were between 530 bps and 1275 bps over Libor. The 1M-1 and 2M-1 tranches, which had the tightest spreads at 200 and 220 bps over Libor, respectively, will receive expected ratings of 'BBB-' from Fitch Ratings and 'BBB' from Kroll Bond Rating Agency. The 1M-2 tranche with a price of Libor plus 530 bps and the 2M-2 tranche at 590 bps over Libor will have provisional ratings of 'B' (Fitch) and 'B+' (KBRA). The 1-B and 2-B tranches priced at 1175 and 1275 bps over Libor are unrated. The CAS series, which has 12 issues since 2013, is a means for Fannie Mae to offload a portion of the risk of its loan guarantees on to private capital. Fannie Mae said it plans for the next issue in July and the company "expects to be a regular issuer throughout 2016, subject to ongoing market conditions." Barclays Capital was lead structuring manager and joint bookrunner with Credit Suisse, which acted as co-lead manager.