The issue scored points on several counts: it pulled new investors into sterling as well as new investors into Fannie Mae; it revealed a market for high-liquidity sterling issues to supply institutional investors; it brought many UK institutions, which traditionally invest in longer maturities, down to five years; and it exposed the global depth of the sterling market.
Fannie Mae (the Federal National Mortgage Association) acts as a lender of last resort to the US property market through its guarantees on mortgage-backed securities.
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