Fannie Mae has priced $4 billion of two-year Benchmark Notes due Feb. 10, 2010, and $4 billion of five-year Benchmark Notes due Feb. 12, 2013. The 3.250% two-year issue (CUSIP: 31398AKX9) was priced at 99.940 with a yield of 3.281%. The 3.625% five-year issue (CUSIP: 31398AKY7) was priced at 99.749 with a yield of 3.680%. The joint lead managers for the two-year issue are Merrill Lynch government Securities, J.P. Morgan Securities Inc., and UBS Securities LLC. The managers for the five-year issue are Barclays Capital Inc., Goldman, Sachs & Co., and Lehman Brothers Inc.

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