Fannie Mae to sell $500m bills

Fannie Mae, the largest US home funding source, said yesterday it will sell $500m of benchmark bills on Wednesday, 11 April. The sale will include $250m of three-month benchmark bills due 11 July 2012, and $250m of six-month bills due 10 October 2012 in a Dutch auction. In such uniform price auctions, successful bidders pay only the price of the lowest accepted bid rather than the actual price as in a conventional multiple-price auction. Bids will be accepted from authorized dealers from 9am (1pm GMT) until 9.45am (1.45pm GMT).