To better meet the needs of its investors, Fannie Mae has created a short-term debt securities issuance program known as "benchmark bills," which are to be issued weekly through a Dutch auction via a Web-based auction system.

The first auction was held Nov. 9, and was the single source of the company's three- and six-month discount debt securities. A total of $6.5 billion was auctioned; $5 billion in three-month securities due Feb. 10, 2000 and $1.5 billion in six-month securities due May 11, 2000.

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