Published on 8/25/2016 in the Prospect News Investment Grade Daily.
New Issue: FHLB prices $3.75 billion 0.875% two-year Global Notes at Treasuries plus 13 bps
By Devika Patel
Knoxville, Tenn., Aug. 25 – The Federal Home Loan Bank System priced $3.75 billion of 0.875% two-year Global Notes on Wednesday at a spread of 13 basis points over Treasuries, according to a news release.
Pricing was at 99.932 to yield 0.908%.
BofA Merrill Lynch, Nomura Securities International, Inc. and Wells Fargo Securities LLC are the lead managers.
Distribution was primarily to investors in the United States (70%) and Europe (9%), and was led by investment advisers/fund managers (53%) followed by central banks (28%) and corporations (4%).
The government-sponsored bank system for financial institutions is based in Washington, D.C.
Issuer: | Federal Home Loan Banks
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Amount: | $3.75 billion
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Description: | Global Notes
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Maturity: | Oct. 1, 2018
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Lead managers: | BofA Merrill Lynch, Nomura Securities International, Inc. and Wells Fargo Securities LLC
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Co-managers: | Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., FTN Financial Securities Corp., HSBC Securities (USA) Inc., | Morgan Stanley & Co. LLC, | TD Securities (USA) LLC
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Coupon: | 0.875%
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Price: | 99.932
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Yield: | 0.908%
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Spread: | Treasuries plus 13 bps
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Pricing date: | Aug. 24
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Settlement date: | Aug. 25
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