Dollar issuance dominated Euromarket activity this week. Fannie Mae continued the development of the global market for callable product with the second issue from its Benchmark Note programme, a $2.5bn 10 year non-call three issue led by Lehman, Merrill and Morgan Stanley. Despite coming with the same structure as a $3bn Freddie Mac bond at the end of last week, the bonds were oversubscribed -- and, pleasingly for Fannie Mae, came a couple of basis points inside their fellow US agency's trading level.
April 30, 1999