By Jennifer Chiou
New York, April 15 - Federal Home Loan Banks priced $3 billion of 1.375% bonds due May 16, 2011 at 99.959 on Wednesday to yield 1.395%, according to a term sheet.
Interest is payable semiannually.
Banc of America Securities LLC, Credit Suisse and UBS Securities are the lead underwriters.
Co-managers include BNP Paribas Securities Corp., Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., FTN, Goldman Sachs & Co., RBS Securities Inc., HSBC, J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
The Treasury yield was 0.855% with a spread of 54 basis points.
The settlement date is April 16.
The issue was substantially oversold in less than 24 hours.
| Issuer: | Federal Home Loan Banks
|
| Issue: | Bonds
|
| Amount: | $3 billion
|
| Maturity: | May 16, 2011
|
| Lead managers: | Banc of America Securities LLC, Credit Suisse and UBS Securities
|
| Co-managers: | BNP Paribas Securities Corp., Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., FTN, Goldman Sachs & Co., RBS Securities Inc., HSBC, J.P. Morgan Securities Inc. and Morgan Stanley & Co. Inc.
|
| Coupon: | 1.375%, payable semiannually
|
| Price: | 99.959
|
| Yield: | 1.395%
|
| Spread: | 54 bps over Treasuries
|
| Pricing date: | April 15
|
| Settlement date: | April 16
|
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