New Issue: FHLB upsizes to $40 million 6.25-year callable step up notes with 1% initial rate

By Angela McDaniels

Tacoma, Wash., July 19 - Federal Home Loan Banks priced and upsized to $40 million an offering of 6.25-year callable step up notes due Oct. 28, 2016, according to underwriter Pershing LLC. Amherst was also a manager.

The interest rate is 1% for the first year, 1.5% for the second year and 2% for the third year. The interest rate will then step up to 2.5% for six months, to 3% for another six months, to 4% for six months, to 5% for six months, to 6% for six month, to 8% for six months and to 10% for the final three months.

After one year, the notes have a quarterly Bermuda call.

Issuer:	Federal Home Loan Banks
Issue:	Step up notes
Amount:	$40 million
Maturity:	Oct. 28, 2016
Coupon:	1% initial rate, then 1.5% for the second year and 2% for the third year. The interest rate will then step up to 2.5% for six months, to 3% for another six months, to 4% for six months, to 5% for six months, to 6% for six month, to 8% for six months and to 10% for the final three months
Price:	Par
Call:	Bermuda call after one year
Priced:	July 19
Settlement:	July 28
Underwriter:	Amherst, Pershing LLC
Cusip:	313370E87

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