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NCUA NGN sales net 13.1M in funds
ALEXANDRIA, Va. (12/1/10)--The National Credit Union Administration’s (NCUA) sale of NCUA Guaranteed Notes (NGNs) has netted $13.1 billion since October. The NCUA completed the second and third offerings in the series in November. The first of the two November offerings featured a Class A1 offering of $613.2 million in notes which paid a fixed-rate coupon of 1.6% yearly. A Class A2 offering of $1.361 billion in notes, paying 2.9%, and a Class A-PT offering of $1.786 billion in notes, paying 2.65%, were also put on the market last month. A second November transaction featured $2.62 billion in Senior I-A notes and $2.862 billion in Senior II-A notes that were backed by floating rate securities. The notes will pay 0.37% and 0.47% annually, respectively, and are subject to yearly maximum note interest rate caps of 7%. The NCUA settled its initial offering of notes in late October. The NGNs are comprised of $35 billion of distressed assets that were conserved from failed and conserved corporate credit unions, and are fully backed by the U.S. Government. The NCUA has amended its definition of low-risk assets to allow credit unions to invest in NGNs. For the full NCUA release, use the resource link.
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