By Andrea Heisinger
New York, May 3 - The Federal Home Loan Bank System priced a $3 billion offering of 1% five-year global notes at a spread of Treasuries plus 24.5 basis points on Thursday, a market source said.
A source said late Wednesday when the deal was announced that the notes were talked initially in the Treasuries plus 27 bps area but that was later revised to the 25.5 bps area. The notes were priced tighter than that level.
The new paper sold at 99.672 to yield 1.066%.
Bookrunners were Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC.
The government-sponsored banks for low-cost funding to financial institutions is based Reston, Va.
| Issuer: | Federal Home Loan Bank System
|
| Issue: | Global notes
|
| Amount: | $3 billion
|
| Maturity: | June 21, 2017
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC
|
| Coupon: | 1%
|
| Price: | 99.672
|
| Yield: | 1.066%
|
| Spread: | Treasuries plus 24.5 bps
|
| Trade date: | May 3
|
| Settlement date: | May 4
|
| Price talk: | 27 bps area (initial), 25.5 bps area (revised)
|
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