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 Dec. 2, 2009, and $1.0 billion of six-month bills due March 3, 2010, 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 Sept. 2-3. (Reporting by Caryn Trokie, Editing by Chizu Nomiyama)