Deal of the Month: Fannie Mae

Fannie Mae's $7 billion issue, the first from a US housing agency since the government bailout on September 7, received a resounding welcome from the market, which piled into the deal with enthusiasm.

The book was well oversubscribed, at $9.4 billion, driving the price to 70bp over US Treasuries, a level equal to 26bp below mid-swaps. Freddie Mac's issue before the implementation of the Treasury plan for the GSEs, also a two-year trade, was priced at 6bp below mid-swaps. The Fannie trade

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