FFCB adds to supply, prices $1.6 billion worth of Designated Bonds

By Lisa Kerner

Charlotte, N.C., June 12 - The Federal Farm Credit Banks Funding Corp. priced $1.6 billion of three-year 2.125% Designated Bonds at 32 basis points over Treasuries on Friday.

FFCB priced the bonds at 99.760 to yield 2.208%, an agency news release said.

The bonds will be issued through the Federal Farm Credit Banks Consolidated Systemwide Bond Program.

Barclays Capital Inc., HSBC Securities (USA) Inc. and Morgan Stanley & Co., Inc. were lead managers and Jefferies & Co. Inc. was the co-manager for the issue.

Also among the week's big deals, the Federal Home Loan Bank System said that its $5 billion two-year global that priced on Thursday sold primarily in the United States, which took 69% of the total.

Asia took 13% and Europe took 8% of the total, according to the agency.

Investment advisors/fund managers led the way among investors, taking 60% of the total, followed by financial institutions at 14%, central banks at 12%, and state/local governments at 5%.

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