Fannie Mae has priced $3 billion of 4.250% five-year Benchmark Notes at 99.786.The issue (CUSIP: 31359MYN7), due Aug. 15, 2010, yields 4.298% at a spread of 30.5 basis points over the 3.875% Treasury due July 15, 2010. The settlement date is July 22. The joint lead managers are Bear, Stearns & Co.; Citigroup Global Markets; and Lehman Brothers.

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