Fannie Mae has announced that it will conduct cash tender offers this week for the repurchase of up to $19.2 billion of callable debt securities.The securities were originally issued with European-style one-time call options that have since expired. The purchase price for a tendered security will be determined based on the applicable fixed spread over the yield to maturity of specified noncallable Benchmark Notes. The lead manager and global coordinator for the tender offers is Goldman, Sachs & Co., and the co-dealer managers are Merrill Lynch & Co. and UBS Securities LLC. The tender offers began Sept. 19 and will expire at 5 p.m. EDT Sept. 23.

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