By Lisa Kerner
Charlotte, N.C., March 24 - The Federal Deposit Insurance Corp. placed $653 million of 3% structured sale guaranteed notes 2010-L2 due Sept. 30, 2019.
Talk had the notes oversubscribed on Tuesday.
The tranche A notes priced at a spread of 75 bps over swaps and will yield 3.032%.
The deal came tighter than talk of 80 to 85 bps over swaps.
A further A-IO tranche was not offered.
The joint lead manager is Barclays Capital, the originator is Franklin Bank, and the servicer is Residential Credit Solutions.
The notes are being sold under Rule 144A and are guaranteed by FDIC.
The notes will settle Friday.
| Issuer: | Federal Deposit Insurance Corp.
|
| Issue: | Structured sale guaranteed notes 2010-L2
|
| Amount: | $653 million
|
| Maturity: | Sept. 30, 2019
|
| Average life: | 4 years
|
| Coupon: | 3%
|
| Yield: | 3.032%
|
| Spread: | 75 bps over swaps
|
| Distribution: | Rule 144A
|
| Pricing date: | March 24
|
| Settlement date: | March 26
|
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