Fannie Mae prices biggest ever Benchmark Note, sized at $15 billion; most sold in U.S.

By Lisa Kerner

Charlotte, N.C., Feb. 26 - Fannie Mae priced its largest ever offering of Benchmark Notes on Thursday, pricing $15 billion of two-year debt at Treasuries plus 68 basis points.

The 1.75% notes, which mature March 23, 2011, priced at 99.897 to yield 1.801%.

Demographically, the notes sold primarily in the United States, which took 76.1%, followed by Asia with 11.8% and Europe at 9.0%.

Fund managers led the way for investors, accounting for 57.0% of the total, followed by commercial banks at 16.8% and central banks with 14.7%.

Lead managers were J.P. Morgan Securities Inc., Barclays Capital Inc. and UBS Securities LLC.

Co-managers for the offering included Banc of America Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and Williams Capital Group LP.

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