Fannie Mae has priced a $3 billion issue of two-year, 3.625% Benchmark Notes at 99.998.The issue (CUSIP: 31359MXW8), due March 15, 2007, yields 3.627% at a spread of 20 basis points over the 3.125% Treasury due Jan. 31, 2007. The settlement date is Feb. 25. The joint lead managers for the issue are Goldman, Sachs & Co., Lehman Brothers Inc., and UBS Investment Bank.

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