PRICING SUPPLEMENT DATED DECEMBER 1, 1999
(To Offering Circular dated December 21, 1998)
Global Debt Facility
This Pricing Supplement relates to the Debt Securities described below. You should read it together with the Offering Circular dated December 21, 1998 (the "Offering Circular") relating to the Global Debt Facility of the Federal National Mortgage Association ("Fannie Mae"). Capitalized terms used in this Pricing Supplement have the meanings we gave to them in the Offering Circular, unless we specify otherwise.
The Debt Securities, together with interest thereon, are not guaranteed by the United States and do not constitute a debt or obligation of the United States or of any agency or instrumentality thereof other than Fannie Mae.
Certain Securities Terms
1. Title: 5.375% Notes Due June 7, 2021
2. Form
¨ Book-Entry
x Global
x DTC Global Securities
¨ Other Global Securities
3. Specified Payment Currency
a. Interest: British pounds sterling
b. Principal: British pounds sterling
4. Aggregate Principal Amount: STG 100,000,000
5. Issue Date: December 13, 1999
6. Maturity Date: June 7, 2021
a. Amount Payable on the Maturity Date
x Fixed Principal Repayment Amount
x 100% of principal amount
o ___% of principal amount
o Variable Principal Repayment
7. Subject to Redemption Prior to Maturity Date
x No
o Yes
8. Interest Category
x Fixed Rate Securities
o Step Rate Securities
o Variable Rate Securities
o Fixed/Variable Rate Securities
o Zero-Coupon Securities
9. Interest
a. Frequency of Interest Payments
o Annually
x Semiannually
o Quarterly
o Monthly
o Other: ____________
b. Interest Payment Dates: June 7 and December 7 of each year, commencing June 7, 2000
c. Interest rate per annum: 5.375%
d. Accrual Method: Actual/365 (Fixed)
10. Authorized Denominations (if other than minimum denominations of U.S. $1,000 and additional increments of U.S. $1,000)
a. Minimum Denominations: STG 1,000
b. Additional Increments: STG 1,000
Additional Information Relating to the Securities
1. Identification Number(s)
a. CUSIP: 31359MFE8
b. ISIN: US31359MFE84
c. Common Code: 10531837
d. Other: N/A
2. Listing Application
o No
x Yes
x Luxembourg
3. Currency Exchange Bank
x The Chase Manhattan Bank
4. Paying Agent: The Chase Manhattan Bank, London, if and so long as there are Definitive Securities outstanding under these Notes.
5. Additional Tax Information: See Annex 1
Offering
1. Pricing Date: December 1, 1999
2. Method of Distribution: x Principal ¨ Agent
3. Applicable Dealer: J.P. Morgan Securities Ltd.
4. Offering Price:
x Fixed Offering Price: 99.245%, plus accrued interest, if any, from the Issue Date
¨ Variable Price Offering
5. Purchase Price to Applicable Dealer: 98.795% of principal amount, plus accrued interest, if any, from the Issue Date
a. Concession: 0.45%
b. Reallowance: N/A
Settlement
1. Settlement Date: December 13, 1999, 9:00 a.m., New York City time
2. Settlement Basis
¨ Delivery versus payment
x Free delivery
3. Settlement Clearing System
¨ U.S. Federal Reserve Banks
x DTC
¨ Euroclear
¨ Cedel
¨ Other: _____________
ANNEX 1
TO PRICING SUPPLEMENT DATED DECEMBER 1, 1999
Issue (Title): 5.375% Notes Due June 7, 2021
UNITED STATES TAXATION
We have engaged Arnold & Porter as special tax counsel to review the discussion in the Offering Circular under the heading "United States Taxation." They have given us their written legal opinion that the discussion, when read with the following paragraph, correctly describes the principal aspects of the United States federal tax treatment of investors who purchase the Notes described in the Offering Circular. This discussion, and the discussion in the Offering Circular, are general discussions that may not apply to your particular circumstances.
New Effective Date for Withholding and Information Reporting Regulations
The Offering Circular describes new regulations relating to withholding, backup withholding and information reporting with respect to payments to non-U.S. Persons. In April 1999, the IRS announced a delay in the effective date of those regulations. Pursuant to the IRS announcement, the regulations will be effective for payments made after December 31, 2000. The IRS announcement also delayed the date on which certain U.S. information reporting rules will apply to the foreign office of a foreign broker that is a foreign partnership with specific connections with the U.S. These rules will now apply to payments made by such partnerships after December 31, 2000.