WASHINGTON - Fannie Mae on Thursday priced $1.5 billion of 10-year subordinated Benchmark notes, its first-ever issue of Benchmark subordinated debt.

The notes, which settle on Feb. 1, yield 6.293% and come in at a 98-basis-point spread over the August 2000 10-year Treasury notes and 22 basis points over Fannie's 6.625% Benchmark notes issued Nov. 15.

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