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Federal Farm Credit Banks to price new five-year Designated Bond; agency spreads in 1 to 2 bps
By Lisa Kerner
Charlotte, N.C., April 13 - The Federal Farm Credit Banks Funding Corp. said Monday it will price a new five-year Designated Bond on Tuesday.
Its size, which will be announced, will "fall within the typical range for new Designated Bond issuance," the agency said.
One trader heard FFCB had planned a $1 billion offer and said its typical range is between $1 billion and $1.5 billion, "maybe $2 billion."
The bond matures April 17, 2014.
According to one source, the expected spread for the bond was heard to be "in the low 90s."
"I agree with that," said another source, who added he heard the issue is "going really well."
Overall agency spreads were basically unchanged, a source said, adding that they may be "1 or 2 basis points tighter here or there."
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