NEW YORK - Fannie Mae, the largest U.S. home funding company, said on Monday it plans to sell $1.0 billion of three-month benchmark bills due July 8, 2009, and $1.0 billion of six-month bills due Oct. 7, 2009, 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. (1300 GMT), until 9:45 a.m. (1345 GMT).
Settlement is April 8-9. (Reporting by Caryn Trokie, Editing by Chizu Nomiyama)