Fannie Mae has priced a $2 billion issue of five-year, 3.677% Callable Benchmark Notes due Dec. 15, 2008.The issue (CUSIP: 31359MTT0) was priced at 99.945 with a yield to maturity of 4.012%. It is noncallable for the first 18 months, with a one-time call date of June 15, 2005. The joint lead managers for the issue are Bear Stearns, Goldman Sachs, and Lehman Brothers.

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