By Andrea Heisinger
New York, Oct. 28 - Western Corporate Federal Credit Union sold $1.5 billion of 1.75% three-year notes (Aaa/AAA/AAA) backed by the National Credit Union Administration on Wednesday to yield 35.9 basis points over Treasuries, a source away from the deal said.
Full terms were not available at press time.
The deal was done under the Temporary Corporate Credit Union Liquidity Guarantee Program.
Bank of America Merrill Lynch was the bookrunner.
The multi-state credit union is based in Manhattan Beach, Calif.
| Issuer: | Western Corporate Federal Credit Union
|
| Guarantor: | National Credit Union Administration
|
| Issue: | National Credit Union-backed bonds
|
| Amount: | $1.5 billion
|
| Maturity: | Nov. 2, 2012
|
| Bookrunner: | Bank of America Merrill Lynch
|
| Coupon: | 1.75%
|
| Spread: | Treasuries plus 35.9 bps
|
| Trade date: | Oct. 28
|
| Settlement date: | Nov. 2
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
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