Fannie Mae has priced a new $4 billion issue of three-year 1.875% Benchmark Notes at 99.874 to yield 1.918% at a spread of 74 basis points over a comparable U.S. Treasury issue. The Treasury spread is specifically compared to the 1.375% Treasury due March 15, 2012. Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan & Co. are the joint lead managers. The co-managers include Cabrera Capital Markets LLC, Credit Suisse Securities (USA) LLC, FTN Financial Capital Markets and Morgan Stanley & Co. The Committee for Uniform Securities Pricing number for the Benchmark Notes issue is 31398AWK4. Its payment dates are each April 20 and Oct. 20, starting this month.
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