Agency spreads unchanged; new Fannie Mae Benchmarks end at 55 bps

By Lisa Kerner

Charlotte, N.C., May 14 - Agency spreads were unchanged on the day, perhaps a little wider on the long end, according to a source, who didn't attribute the lack of movement to anything in particular.

Fannie Mae's new $5 billion of five-year Benchmark Notes began trading at 55 basis points and ended the day at 55 bps bid, the source said. The notes priced on Wednesday at 56 bps.

The source agreed there was little callable issuance on Thursday and noted that issuance has been down "significantly."

There's been "a food fight for the auction for paper," according to the source.

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