Fannie Mae to sell $3bn in bills on Wednesday

NEW YORK: Fannie Mae, the largest US home funding company, said on Monday it plans to sell $1.0 billion of three-month benchmark bills due July 27, 2011, and $2.0 billion of six-month bills due Oct. 26, 2011, on Wednesday 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 9:00 a.m. until 9:45 a.m.

Settlement is April 27-28.