Published on 7/19/2010 in the Prospect News Agency Daily.
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
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Issue: | Step up notes
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Amount: | $40 million
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Maturity: | Oct. 28, 2016
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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
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Price: | Par
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Call: | Bermuda call after one year
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Priced: | July 19
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Settlement: | July 28
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Underwriter: | Amherst, Pershing LLC
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Cusip: | 313370E87
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