Japan stocks slide over 2% as exporters, banks drag

Reuters: [2008-05-26 04:52:00]

(Updates with stocks, details) By Aiko Hayashi

TOKYO, May 26 (Reuters) - Japan's Nikkei stock average slid 2.2 percent on Monday, led lower by exporters such as Canon Inc <7751.T> on a firmer yen and after U.S. stocks booked their worst week in three months on record oil prices, which stoked fears about inflation and weaker consumer spending.

Banks, including top lender Mitsubishi UFJ Financial Group <8306.T>, also fell amid concerns about additional losses at their U.S. peers due to falling commercial property prices, on top of the subprime problems, said Takahiko Murai, general manager of equities at Nozomi Securities.

"I expect to see some adjustments in the market, as market sentiment has turned negative on the U.S. economic outlook," Murai said.

"A rebound in stock prices may have reached its limit due to inflation worries and uncertainty about the real economy."

One bright spot was Yahoo Japan Corp <4689.T>, which jumped 4.6 percent, after saying on Friday it would buy back up to 60 billion yen ($581 million) worth of its own shares, or 2 percent of shares outstanding.

The benchmark Nikkei average <.N225> shed 312.35 points to end the morning session at 13,699.85, breaking below the key 25-day moving average of 13,845.75.

The Nikkei closed up 0.2 percent on Friday but fell 1.5 percent for the week. As of Friday, it had rebounded nearly 20 percent since a year-low hit in mid-March.

Katsuhiko Kodama, senior strategist at Toyo Securities, said breaking and holding above 14,000 appears to be challenging for now as the market lacks upbeat news to pursue further gains.

"The market rose rather rapidly up to now and it's difficult to stay above the 25-day moving average," he said.

The broader Topix index <.TOPX> declined 2.1 percent or 28.53 points to 1,348.16.

The Dow Jones industrial average <.DJI> fell 1.2 percent to close at 12,479.63 on Friday. For the three major U.S. indexes, last week was their worst weekly percentage drop in three months.

Since the start of the year oil prices have climbed more than 30 percent, sapping consumer spending on everything from driving to shopping.

EXPORTERS, BANKS DRAG

The dollar dipped 0.2 percent against the Japanese currency to 103.15 yen <JPY=>. Investors fret over a stronger yen as it curbs exporters' overseas profits when they are brought back home.

Shares of Canon gave up 3.3 percent to 5,260 yen and Toyota Motor Corp <7203.T> fell 2.3 percent to 5,020 yen.

Financial shares slid as Mitsubishi UFJ declined 2.8 percent to 984 yen, No.2 bank Mizuho Financial Group <8411.T> shed 1.3 percent to 518,000 yen and Sumitomo Mitsui Financial Group <8316.T> fell 1.8 percent to 823,000 yen.

Life insurance company T&D Holdings <8795.T> skidded 5.3 percent to 6,600 yen and Millea Holdings <8766.T>, Japan's largest non-life insurer, lost 4.4 percent to 4,140 yen.

"Credit worries still linger in New York, and financial shares are the first to lose ground when there's no other trading news," said Kodama at Toyo Securities.

Takefuji Corp <8564.T> lost 6.5 percent to 2,020 yen after the consumer lender said on Friday it would issue 70 billion yen worth of convertible bonds to Swiss investment bank UBS <UBSN.VX> to help shore up its capital base.[ID:nT183119]

The bonds, if converted to common stock, would dilute Takefuji's shares by as much as 18 percent.

Shares of Yahoo Japan gained 4.6 percent to 45,850 yen, becoming one of the biggest positive contributors to the Nikkei 225.

Trade slowed on the Tokyo exchange's first section, with 867 million shares changing hands, compared with last week's morning average of 1.1 billion.

Declining stocks outpaced advancing ones by nearly 8 to 1.

($1=103.30 yen)

(Editing by Brent Kininmont)

((aiko.hayashi@thomsonreuters.com; +81 3 6441 1802; Reuters Messaging:aiko.hayashi.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit http://topnews.session.rservices.com * BridgeStation: view story .134 * Reuters Plus: from your WebDSS screen For more information on Top News, visit http://topnews.reuters.com)) Keywords: MARKETS JAPAN STOCKS

   
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PRESS DIGEST - British Business Press - May 24

Reuters: [2008-05-24 05:54:00]

The Times

BUNCEFIELD OIL FIRE WAS RESULT OF NEGLIGENCE BY TOTAL.

The Buncefield oil fire was the result of negligence by Total<TOTF.PA>, a High Court judge ruled on Friday. Mr Justice David Steel made the ruling during a preliminary hearing of a case in which victims of Britain's biggest peacetime explosion are suing Total and others for up to one billion pounds in damages. The court heard that Total and Hertfordshire Oil Storage Ltd had previously conceded that negligence was responsible for the huge fire at the Hertfordshire depot.

CONSTRUCTION & PROPERTY

Oak Holdings said it expects to secure a development loan to take its 350 million pound YES! project to completion. The property development and consultancy group said its directors are exploring funding opportunities for YES! which involves a leisure-based resort, activity and convention destination in South Yorkshire.

RETAILING

John Lewis Partnership have announced that sales in the week to May 17 at its 26 UK department stores dropped 1.8 per cent year-on-year to 46.5 million pounds. However, sales at its chain of 187 Waitrose supermarkets increased 7.8 per cent to reach 78.2 million pounds. The staff-owned retailer's sales rose four per cent to 124.7 million pounds.

The Daily Telegraph

MARSTON'S STEERS CLEAR OF PROPERTY PATH DESPITE FALLS

Marston's<MARS.L> has reported a 19 per cent fall in pre-tax profits due to share buybacks, tough trading conditions and higher costs. However, the company batted away suggestions that it would follow rivals planning to sell off their property estates. The pub operator and brewer, which bought back 150 million pounds of shares in the six months to March 29, said pre-tax profits dropped to 31 million pounds. David Thomson, Marston's chairman, said: "We do not plan currently to change the existing structure of the group as we do not believe that the potential benefits outweigh the implementation costs or increased risk, but we will continue to keep the situation under review."

MOSS BROS FAMILY SELLS MORE STAKE

The founding family behind the Moss Bros chain has sold more of its stake in the menswear retailer, despite recently dismissing a possible bid from Baugur as significantly undervaluing the company. Baugur made a 42 pence-a-share indicative approach for Moss Bros in February, but family members said that the offer undervalued the chain. However, because members of the family have been selling shares at 45 pence, 46 pence and 50 pence over the past few weeks, Baugur's offer price looks to be close to an acceptable level.

TALK OF PREDATORY LLOYDS TSB BOOSTS BANKS

Speculation has been mounting whether Lloyds TSB<LLOY.L> could launch a bid for Alliance & Leicester<ALLL.L> or Bradford & Bingley<BB.L>. The rumours were fuelled by Exane BNP Paribas, which lifted its rating on the high street bank to neutral from underperform. Analyst Ian Gordon mused: "It seems reasonable to contemplate the possible attractions to Lloyds of a bid for Alliance & Leicester or Bradford & Bingley." He also pointed out that B&B is trading at a large discount to book value, while "funding and capital synergies now appear increasingly relevant."

The Independent

CAA CALLS FOR BREAK-UP OF BAA'S LONDON MONOPOLY

The Civil Aviation Authority has added its name to the growing list of regulators calling for the break-up of BAA's monopoly over London's airports. On Friday, the regulator claimed BAA's ownership of Gatwick, Heathrow and Stansted prevented competition in the region, which was damaging to customers. Last month, the Competition Commission accused BAA of "a lack of responsiveness to the differing needs of its airline customers, and hence passengers," signalling too that it would recommend the break-up of its London assets.

BATTLE FOR EXPRO ERUPTS WITH BIDS FROM HALLIBURTON AND CANDOVER

A bidding battle over British oil services company Expro International<EXR.L> has erupted after Halliburton tabled a 15.25 pound per share takeover proposal which was trumped within hours by Umbrellastream, which placed a 15.50 pound cash bid. Halliburton has been poring over Expro's figures since shortly after Umbrellastream, a Candover<CDI.L> led private equity consortium, first made an agreed bid at 14.35 pounds a share in April.

SUEZ DROPS OUT OF BRITISH ENERGY BIDDING

Suez<LYOE.PA> has withdrawn from its attempt to take over Britain's ageing fleet of nuclear power stations. On Friday, the French utility company said that the possible bid had become a casualty of its protracted attempt to close a planned merger with Gaz de France<GAZ.PA>, the French state-owned gas supplier. The utility had been one of up to ten possible bidders hounding British energy<BGY.L>, and said: "The completion of the merger with Gaz de France remains Suez's key priority. Accordingly, Suez confirms that in its development of the nuclear energy sector in the UK, those relating to a potential offer for British Energy have now ceased."

The Guardian

ANGER AS CROZIER GETS TWO MILLION POUND REWARD.

Adam Crozier, Royal Mail's chief executive, will receive an almost two million pound payout this summer under the company's long term incentive plan. The general secretary of the Communication Workers Union, Billy Hayes, said: "Royal Mail has just claimed that it is financial crisis, that employees are overpaid and is trying to reduce the pension benefits of its staff. At the same time as this, executive pay is completely out of control."

L&G JOINS ROCK SHAREHOLDERS IN LEGAL FIGHT FOR COMPENSATION

Legal & General<LGEN.L> is joining legal proceedings brought by angry Northern Rock<NRK.L> shareholders who are seeking compensation for the bank becoming nationalised. The insurer has decided against launching its own legal action after indicating in March it was considering its own proceedings. It will instead throw its weight behind the Shareholders Action Group and hedge funds SRM and RAB capital. The Government has yet to appoint an accountant to establish whether to compensate Northern Rock's shareholders, even though the bank was taken into state ownership in February.

WOOLWORTHS CONSIDERS SALE OF DVD STAKE

Woolworths has revealed it is considering selling its stake in 2entertain, the DVD distribution business, following months of speculation. The high street retailer said in a statement: "The company can confirm that it is considering its options with regard to this stake which may or may not lead to a transaction." It is understood it will work with UBS<UBSN.VX> to weight up whether a sale of the growing business makes sense.

Prepared for Reuters by Durrants

FEATURE-Lawsuits accelerate amid U.S. housing crisis

Reuters: [2008-05-23 16:57:00]

By Nick Carey

CHICAGO, May 23 (Reuters) - The U.S. housing crisis has caused huge loan losses at big lenders but also spawned a slew of class-action lawsuits against them, many alleging noncompliance with consumer disclosure rules.

"The compliance issue is a ticking time bomb for some lenders," said Louis Pizante, chief executive of Mavent Inc, an Irvine, California-based company that provides automated regulatory compliance reports for financial clients. "We have only just seen the beginning of the lawsuits."

Navigant Consulting said in a report last month that in the 15 months through March 2008 a total of 448 lawsuits had been filed related to the subprime crisis. Of the 170 cases filed in January-March 2008, 46 percent were borrower class actions.

That compared to 559 lawsuits related to the U.S. savings and loan association debacle in the 1980s and 1990s, it said.

"Each of the top 10 subprime mortgage lenders for 2006 was named in at least one borrower class action suit during 2007," the Navigant report said.

Lenders targeted include Wachovia Corp <WB.N> unit World Savings Bank, Bear Stearns Cos Inc <BSC.N>, Citigroup Inc's <C.N> CitiMortgage, Wells Fargo & Co <WFC.N>, Merrill Lynch & Co Inc <MER.N> unit First Franklin, and Countrywide Financial Corp <CFC.N>, which agreed in January to be acquired by Bank of America Corp <BAC.N>.

"Looking at the volume and scope of the claims, there is an all-out assault under way against the firms involved in subprime loans," Navigant Managing Director Jeff Nielsen said.

Pizante and lawyers for plaintiffs said that if lenders lose such lawsuits, they may be obliged to return billions of dollars in interest and fees to borrowers. In some cases, homeowners could also have their loans declared unsecured debt by a bankruptcy court judge, allowing them to walk away.

Pizante said Mavent had seen a dramatic increase this year in requests for compliance checks from lenders. But requests have also risen from investors looking to verify whether the loans that Wall Street banks sold them during the height of the U.S. property boom met all applicable laws.

"In some cases it appears compliance may not have kept pace with the demand to get some of the more exotic loan products to market," Pizante said.

Under a U.S. law known as The Truth in Lending Act, lenders must disclose the terms and cost of loans to consumers. But lawyers representing borrowers in the lawsuits claim lenders gave borrowers loans with hidden costs and consequences.

"The law requires lenders to disclose clearly and conspicuously what the ramifications are of a particular loan," said Paul Kiesel, a partner at Kiesel, Boucher & Larson LLP.

"But in many cases they didn't even come close," he said.

Kiesel's firm represents borrowers in more than 50 lawsuits involving Option Adjustable Rate Mortgages (ARMs), one of the more exotic loan products made available by lenders during the recent property boom.

Lawyers representing lenders said that compliance cases can often come down to the interpretation of a single word.

"This will be a long slog, but the industry will get through it," said Tom Hefferon, a partner at law firm Goodwin Procter in Washington, D.C.

The stakes are high for lawyers and lenders. But emotions are running high for plaintiffs who had subprime loans.

Richard Carbone, 65, and his wife Carmen, 62, in Hesperia, California, are typical. They said that not only were they not protected but were cheated by their mortgage provider.

Carbone, a Vietnam War veteran, said in August 2006 a broker called and told him: "'Have I got a great deal for you.'"

The deal: refinancing his 30-year fixed rate mortgage to a loan charging only 2 percent annual interest.

Jeffrey Berns of Arbogast & Berns LLP, who is representing the Carbones and 12,000 other subprime borrowers in class action suits, said the Carbones ended up with an Option ARM with the terms not explained in the disclosures given.

"If I'd known what they were selling me, I would have stuck with my 30-year fixed loan," Carbone said. "I was lied to."

With an Option ARM, borrowers can make a minimum monthly payment instead of paying the larger full amount due. But the unpaid remainder is then added to the balance of the loan.

The loan interest starts at a low "teaser" rate, then goes up quickly. There are also stiff prepayment penalties.

In two months the Carbones' interest rate went up and they found that $800 per month was being added to their balance.

"The average person would look at the deal as it was presented and think 'this is great.'" Berns said. "But by the time they realize what they have, they can't get out."

"The disclosures for some Option ARMs state that 'interest rates may go up,'" Kiesel said. "But in 100 percent of cases they went up in the second month. That's misleading."

Defense lawyers say that argument is unlikely to succeed.

"That is standard language on mortgage loan disclosures," said Jeffrey Naimon, a partner at Buckley Kollar LLP in Washington, D.C. "Interest rates go up and down all the time, so this is not the world's strongest argument." (Editing by Peter Bohan and Dave Zimmerman) ((Reuters Messaging: nick.carey.reuters.com@reuters.net; e-mail: nick.carey@thomsonreuters.com; +1-312-408-8756)) Keywords: USA SUBPRIME/LAWSUITS

. Keywords: USA SUBPRIME/LAWSUITS

U.S. agency 2008 note sales calendar

Reuters: [2008-05-23 14:58:00]

    May 23 (Reuters) - The following are the sales schedules for Fannie Mae 
benchmark notes and Freddie Mac reference notes in 2008. 
    Debt issued by the Federal Home Loan Banks is not sold based on a preset 
calendar, and offerings will be added as they are announced. 
    In addition to these offerings, Freddie Mac and Fannie Mae sell bills each 
week [N07164318]. 
 
*Issue has been priced 
 
AGENCY       TYPE OF DEBT          AMOUNT    ANNOUNCEMENT/PRICING  SETTLEMENT 
MAY: 
Freddie Mac  2-year notes          $4.0 bln  May 19/NA               May 23 
Freddie Mac  3-year notes          $4.0 bln  May 19/NA               May 23 
FHLB         3-year notes          $4.0 bln  May 21/May 23           May 27 
 
JUNE: 
Freddie Mac 2-,3-, 5-, 10-yr notes    NA     June 10/NA              NA 
Fannie Mae  2-,3-, 5-, 10-yr notes    NA     June 2/NA               NA 
 
JULY: 
Fannie Mae  2-,3-, 5-, 10-yr notes    NA     July 7/NA               NA 
Freddie Mac 2-,3-, 5-, 10-yr notes    NA     July 16/NA              NA 
 
AUGUST: 
Fannie Mae  2-,3-, 5-, 10-yr notes    NA     Aug 12/NA               NA 
Freddie Mac 2-,3-, 5-, 10-yr notes    NA     Aug 18/NA               NA 
 
SEPTEMBER: 
Freddie Mac 2-,3-, 5-, 10-yr notes    NA     Sept 2/NA               NA 
Fannie Mae  2-,3-, 5-, 10-yr notes    NA     Sept 8/NA               NA 
 
OCTOBER: 
Freddie Mac 2-,3-, 5-, 10-yr notes    NA     Oct 8/NA                NA 
Fannie Mae  2-,3-, 5-, 10-yr notes    NA     Oct 20/NA               NA 
 
NOVEMBER: 
Freddie Mac 2-,3-, 5-, 10-yr notes    NA     Nov 4/NA                NA 
Fannie Mae  2-,3-, 5-, 10-yr notes    NA     Nov 17/NA               NA 
 
DECEMBER: 
Freddie Mac 2-,3-, 5-, 10-yr notes    NA     Dec 1/NA                NA 
Fannie Mae  2-,3-, 5-, 10-yr notes    NA     Dec 8/NA                NA 
 
-- Fannie Mae will state the specific maturity and size of the offerings on 
announcement dates. Fannie Mae also may opt to skip issuance. 
 
-- The minimum issue size for new Fannie Mae 2-, 3-, 5- 10-year notes is $3 
billion. Fannie Mae said benchmark note sales are expected to price within 3 
business days of the announcement date and will generally settle 2 business 
days after the pricing of the issue. 
 
-- Freddie Mac will state the specific maturity and size of the offerings on 
announcement dates. 
 
-- The minimum size for Freddie Mac new 2-yr, 3-yr, 5-yr and 10-year note 
offerings is $3 billion. There is no minimum size for a reopening. The minimum 
size of new REMIC offerings is $1 billion. 
 
NA = Announcement or settlement dates are unavailable. 
 
    ((U.S. Financial Markets 646-223-6330)) 
Keywords: FINANCIAL AGENCIES BONDS 
    

Fannie Mae, Freddie Mac bill sale calendar

Reuters: [2008-05-23 14:50:00]

    May 23 (Reuters) - The following is a list of scheduled U.S. agency bill 
sales from Fannie Mae and Freddie Mac for 2008. Freddie Mac settlement dates 
for its bill sales will be available the day those offerings are announced. 
 
*=Bills have been priced 
 
AGENCY        TYPE OF BILLS             ANNOUNCEMENT  PRICING  SETTLEMENT 
 
MAY ISSUES: 
Freddie Mac   3-month/6-month/12-month  May 23        May 27    NA 
Freddie Mac   1-month                   May 23        May 28    NA 
Fannie Mae    3-month/6-month           May 23        May 28    NA 
Fannie Mae    1-year                    NA            NA        NA 
 
JUNE ISSUES: 
Freddie Mac   3-month/6-month           May 30        June 2    NA 
Fannie Mae    3-month/6-month           May 30        June 4    NA 
Freddie Mac   3-month/6-month           June 6        June 9    NA 
Fannie Mae    3-month/6-month           June 9        June 11   NA 
Freddie Mac   3-month/6-month           June 13       June 16   NA 
Fannie Mae    3-month/6-month           June 16       June 18   NA 
Freddie Mac   1-month                   June 20       June 25   NA 
Freddie Mac   1-month                   June 20       June 25   NA 
Fannie Mae    3-month/6-month           June 23       June 25   NA 
Freddie Mac   3-month/6-month           June 27       June 30   NA 
Fannie Mae    1-year                    NA            NA        NA 
 
JULY ISSUES: 
Fannie Mae    3-month/6-month           June 30       July 2    NA 
Freddie Mac   3-month/6-month           July 3        July 7    NA 
Fannie Mae    3-month/6-month           July 7        July 9    NA 
Freddie Mac   3-month/6-month           July 11       July 14   NA 
Fannie Mae    3-month/6-month           July 14       July 16   NA 
Freddie Mac   3-month/6-month/12-month  July 18       July 21   NA 
Fannie Mae    3-month/6-month           July 21       July 23   NA 
Freddie Mac   3-month/6-month           July 25       July 28   NA 
Freddie Mac   1-month                   July 25       July 30   NA 
Fannie Mae    3-month/6-month           July 28       July 30   NA 
Fannie Mae    1-year                    NA             NA       NA 
 
AUGUST ISSUES: 
Freddie Mac   3-month/6-month           Aug 1         Aug 4     NA 
Fannie Mae    3-month/6-month           Aug 4         Aug 6     NA 
Freddie Mac   3-month/6-month           Aug 8         Aug 11    NA 
Fannie Mae    3-month/6-month           Aug 11        Aug 13    NA 
Freddie Mac   3-month/6-month/12-month  Aug 15        Aug 18    NA 
Fannie Mae    3-month/6-month           Aug 18        Aug 20    NA 
Freddie Mac   3-month/6-month           Aug 22        Aug 25    NA 
Freddie Mac   1-month                   Aug 22        Aug 27    NA 
Fannie Mae    3-month/6-month           Aug 25        Aug 27    NA 
Fannie Mae    1-year                    NA            NA        NA 
 
SEPTEMBER ISSUES: 
Freddie Mac   3-month/6-month           Aug 29        Sept 2    NA 
Fannie Mae    3-month/6-month           Aug 29        Sept 3    NA 
Freddie Mac   3-month/6-month           Sept 5        Sept 8    NA 
Fannie Mae    3-month/6-month           Sept 8        Sept 10   NA 
Freddie Mac   3-month/6-month/12-month  Sept 12       Sept 15   NA 
Fannie Mae    3-month/6-month           Sept 15       Sept 17   NA 
Freddie Mac   3-month/6-month           Sept 19       Sept 22   NA 
Fannie Mae    3-month/6-month           Sept 22       Sept 24   NA 
Freddie Mac   1-month                   Sept 19       Sept 24   NA 
Freddie Mac   3-month/6-month           Sept 26       Sept 29   NA 
Fannie Mae    1-year                    NA            NA        NA 
 
OCTOBER ISSUES: 
Fannie Mae    3-month/6-month           Sept 29       Oct 1     NA 
Freddie Mac   3-month/6-month           Oct 3         Oct 6     NA 
Fannie Mae    3-month/6-month           Oct 6         Oct 8     NA 
Freddie Mac   3-month/6-month/12-month  Oct 10        Oct 14    NA 
Fannie Mae    3-month/6-month           Oct 10        Oct 15    NA 
Freddie Mac   3-month/6-month           Oct 17        Oct 20    NA 
Fannie Mae    3-month/6-month           Oct 20        Oct 22    NA 
Freddie Mac   3-month/6-month           Oct 24        Oct 27    NA 
Freddie Mac   1-month                   Oct 24        Oct 29    NA 
Fannie Mae    3-month/6-month           Oct 27        Oct 29    NA 
Fannie Mae    1-year                    NA            NA        NA 
 
NOVEMBER ISSUES: 
Freddie Mac   3-month/6-month           Oct 31        Nov 3     NA 
Fannie Mae    3-month/6-month           Nov 3         Nov 5     NA 
Freddie Mac   3-month/6-month/12-month  Nov 7         Nov 10    NA 
Fannie Mae    3-month/6-month           Nov 10        Nov 12    NA 
Freddie Mac   3-month/6-month           Nov 14        Nov 17    NA 
Fannie Mae    3-month/6-month           Nov 17        Nov 19    NA 
Freddie Mac   3-month/6-month           Nov 21        Nov 24    NA 
Freddie Mac   1-month                   Nov 21        Nov 26    NA 
Fannie Mae    3-month/6-month           Nov 24        Nov 26    NA 
Fannie Mae    1-year                    NA            NA        NA 
 
DECEMBER ISSUES: 
Freddie Mac   3-month/6-month           Nov 28        Dec 1     NA 
Fannie Mae    3-month/6-month           Dec 1         Dec 3     NA 
Freddie Mac   3-month/6-month/12-month  Dec 5         Dec 8     NA 
Fannie Mae    3-month/6-month           Dec 8         Dec 10    NA 
Freddie Mac   3-month/6-month           Dec 12        Dec 15    NA 
Fannie Mae    3-month/6-month           Dec 15        Dec 17    NA 
Freddie Mac   3-month/6-month           Dec 19        Dec 22    NA 
Fannie Mae    3-month/6-month           Dec 22        Dec 24    NA 
Freddie Mac   3-month/6-month           Dec 26        Dec 29    NA 
Freddie Mac   1-month                   Dec 26        Dec 31    NA 
Fannie Mae    3-month/6-month           Dec 29        Dec 31    NA 
Fannie Mae    1-year                    NA            NA        NA 
 
Footnotes: 
    --The minimum issue size for Fannie Mae benchmark and Freddie Mac reference 
 
bills is $1 billion. 
    --Freddie Mac will issue 3-month, 6-month and 12-month bills in 2007 and 
2008. Announcements will be made on Fridays with pricing on Mondays, unless 
there is a holiday in which case pricing will be on Tuesdays. 
    
 (Reporting by Caryn Trokie) 
 ((caryn.trokie@reuters.com ; + 1 646-223-6318; Reuters Messaging: 
caryn.trokie.reuters.com@reuters.net)) 
Keywords: FINANCIAL AGENCY BILLS DEBT