Fannie Mae has priced a $2 billion issue of three-year, 3.750% Callable Benchmark Notes due May 17, 2007.The issue (CUSIP: 31359MVC4) was priced at 99.970 with a yield to maturity of 3.761%. It is noncallable for the first year, with a one-time call date of May 17, 2005. The joint lead managers for the issue are Deutsche Bank Securities, Merrill Lynch & Co., and Morgan Stanley & Co.

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