Fannie Mae has priced a $2 billion issue of five-year, 3.125% Callable Benchmark Notes due March 16, 2009.The issue (CUSIP: 31359MUQ4) was priced at 99.562 with a yield to maturity of 3.221%. It is noncallable for the first two years, with a one-time call date of March 16, 2006. The joint lead managers for the issue are Credit Suisse First Boston Corp., J.P. Morgan Securities Inc., and UBS Investment Bank.

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