Agency/supranational - Winner: Fannie Mae

Bookrunners: Barclays Capital, Citi, JPMorgan

Following hot on the heels of the government bailout on September 7, the $7 billion issue from Fannie Mae received a resounding welcome from the market. The enthusiasm for the US housing agency's book meant the deal was well oversubscribed, at $9.4 billion, driving the price to 70bp over US Treasuries, a level equal to 26bp below mid-swaps.

"A lot depended on this deal working confidence in the GSE sector and more generally across all financial markets

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