Agency spreads end unchanged, Fannie Mae to price new Benchmark Notes

By Lisa Kerner

Charlotte, N.C., May 12 - Agency spreads opened 1.5 to 2 basis points wider on Tuesday, but closed the day unchanged, a source said.

"We made that back," said the source who noted that the day was a little slow.

Fannie Mae announced it will price a new offering of five-year Benchmark Notes on Wednesday. The offering is expected to be $4 billion, according to the source.

Barclays Capital Inc., Deutsche Bank Securities Inc., and J.P. Morgan & Co. are the joint lead managers. The co-managers include Blaylock Robert Van, LLC, FTN Financial Capital Markets, Morgan Stanley & Co., and UBS Securities LLC, Fannie Mae said.

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