September 17, 2012 / 1:47 PM / 5 years ago

Fannie Mae to sell $4 billion bills on Wednesday

Sept 17 (Reuters) - Fannie Mae, the largest U.S. home funding source, said on Monday it plans to sell $4 billion of benchmark bills on Wednesday, Sept. 19.

The sale includes $2 billion of three-month bills due Dec. 19, 2012, and $2 billion of six-month bills due March 20, 2013.

The sale will be in the form of 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 a.m. EDT (1300 GMT) until 9:45 a.m. EDT (1345 GMT).

Settlement is Sept. 19-20.

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