New Issue: Fannie Mae prices $50 million 1.5% five-year non-callable six-month step-up notes

By Kenneth Lim

Boston, Jan. 21 - Fannie Mae priced $50 million of new 1.5% five-year non-callable six-month step-up notes on Friday, market sources said.

The notes were priced at par.

Vining Sparks, R.W. Baird and Morgan Keegan are the co-managers.

The notes step up annually and have quarterly Bermuda calls.

Issuer:	Fannie Mae
Issue:	Step-up callable notes
Amount:	$50 million
Maturity:	Feb. 16, 2016
Co-managers:	Vining Sparks, R.W. Baird, Morgan Keegan
Coupon:	1.5%, stepping up to 2% in year two; 3% in year three; 4% in year four; and 5% in year five
Price:	Par
Yield:	1.5% initially
Call:	Non-callable until Aug. 11, 2011; thereafter quarterly Bermudan call
Pricing date:	Jan. 21
Settlement date:	Feb. 16

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