New Issue: Fannie Mae prices $50 million 5.5-year step-up notes with 2% initial rate

By Angela McDaniels

Tacoma, Wash., Jan. 20 - Fannie Mae priced $50 million of step-up notes (Aaa/AAA/AAA) due July 28, 2016 at par on Thursday.

The coupon is 2% for the first three years and then steps up to 4%.

Amherst Securities LP and Pershing, LLC were the bookrunners.

The notes are callable at par on quarterly redemption dates from July 28, 2011 until Jan. 28, 2014.

Issuer:	Fannie Mae
Issue:	Step-up notes
Amount:	$50 million
Maturity:	July 28, 2016
Coupon:	Initially 2%; steps up to 4% after three years
Price:	Par
Call option:	At par quarterly from July 28, 2011 until Jan. 28, 2014
Pricing date:	Jan. 20
Settlement date:	Jan. 28
Bookrunners:	Amherst Securities LP and Pershing, LLC
Ratings:	Moody's: Aaa
	Standard & Poor's: AAA
	Fitch: AAA
Cusip:	3136FP5F0

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