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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "notes": "The table uses historical IPO data to validate the proposed IPO sizes for Fannie and Freddie.",
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      "text": "Fannie's $5bn IPO is readily achievable given its scale and return profile. Freddie's larger IPO will benefit from the learnings from Fannie's capital raise",
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      "text": "Fannie’s $5bn IPO is readily achievable given its scale and return profile. Freddie’s larger IPO will benefit from the learnings from Fannie’s capital raise",
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      "text": "IPO proceeds: $29bn",
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      "text": "Source: Bloomberg. The companies shown comprise the largest global IPOs in the last 50 years. Note: Proceeds include overallotment. General Motors represents the IPO of GM Motors Co. in 2010.",
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      "text": "Fannie and Freddie's IPOs are Both Executable",
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