Fannie Mae to price three-year Benchmark Notes; little movement in agency spreads

By Lisa Kerner

Charlotte, N.C., April 1 - Fannie Mae announced the issue of three-year Benchmark Notes that will price on Thursday.

The issue size and coupon are still to be determined, according to Fannie Mae.

One trader said he believed the issue would come in at 80 basis points over Treasuries, "depending on where the market goes between today and tomorrow."

The trader said the issue was "very well received" and understood "it's a blowout."

Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan & Co. are the joint lead managers for the issue.

Agency spreads "haven't done anything remarkable on the day," said the trader on Wednesday, adding: "We've seen a lot of good buying."

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